Myanmar’s shadow government establishes USDT as an official currency
The NUG finance minister said that the usage of Tether will speed up transactions and improve payment efficiency.
Myanmar’s shadow administration, the National Unity Government (NUG), formed by supporters of imprisoned leader Aung San Suu Kyi, has recognised Tether (USDT) as the country’s official currency.
According to a report storey, the NUG would take Tether as part of its continuing fundraising push to overthrow Myanmar’s present military authority. Additionally, the shadow government generated $9.5 million via the sale of “Spring Revolution Special Treasury Bonds” to the global Myanmar diaspora. The consortium intends to generate $1 billion by selling NUG-issued bonds.
On Dec. 13, the NUG Ministry of Planning, Finance, and Investment announced the move on Facebook. The NUG’s move to declare Tether an official currency challenges the Myanmar Central Bank’s May 2018 crypto prohibition.
Tether’s adoption as an official currency for local usage is motivated by privacy concerns and the existing regime’s seizure of assets. The NUG Finance Minister said that the key reason for the adoption of Tether is for “domestic usage to simplify and accelerate the present commerce, service, and payment systems.”
The French Senate and the European Parliament recognized NUG as Myanmar’s formal government in October 2021, but the US has taken no such action. The NUG’s decision to accept and utilize Tether stablecoin may spark international debate, particularly at a time when the US government is considering imposing tight stable coin issuing restrictions.