The USDT [United States dollar-based stablecoin tether] has been given the status of official currency by the shadow government of Myanmar. The leader of this shadow government is in support of Aung San Suu Kyi who is currently in jail.
According to a report by Bloomberg, NUG is going to validate the USDT currency in its future campaign for fundraising. The main reason for this acceptance is to overbalance the present military regime happening in Myanmar. The selling campaign of ‘Spring Revolution Special Treasury Bonds’ earned a fund of $9.5 million for the Myanmar shadow government. This was done by the Myanmar diaspora on an international level. The goal of this group is to collect $1 billion of funds by selling issued bonds by NUG.
NUG Ministry of Planning, Finance, and Investment also provided disclosure of this news through a post on Facebook. This decision erodes the base of the past decision of the Central Bank of Myanmar where they banned crypto in May 2020.
The decision to regard Tether as Myanmar’s official currency came forward due to privacy issues and fund seizing incidents. The Finance Minister of NUG gave the statement where he said that the incorporation of Tether is being promoted to enhance the speed of trade, transactions, and services in the country system.
The NUG got the status of official Myanmar government from the French senate along with recognition from the European parliament. This recognition happened in October 2021 but till now the US hasn’t given any clues in its validation. The stable coin validation as an official currency by NUG has become the talk of the town worldwide recently. Especially when the US government is in the direction of making strict policies for stablecoin issuance.
