USDT gained ground as one of the top cryptocurrencies when the Republic of Myanmar’s NUG declared it as an official currency.
Bitcoin had earlier made news when El Salvador become the first nation to make it an official legal tender in 2021. The news coming from Myanmar add more strength to the cryptocurrency world with USDT the focus.
In this article, we’ll discuss Myanmar’s declaration of USDT (Tether) as an official currency. Before then, let’s know more about the nation (Myanmar).
What You Need To Know About the Republic of Myanmar
Myanmar is a country in Southeast Asia that has the official name the Republic of the Union of Myanmar. It was formerly known as Burma.
The nation has a population of about 54 million (as of 2017). The country’s capital city is Naypyidaw, and its largest city is Yangon (Rangoon). Myanmar’s local currency is known as ‘Kyat’ (K).
The country is currently ruled by the military while the nation’s shadow government is known as NUG (National Unity Government). The NUG is making moves to topple the military regime (as at the time of this writing).
All You Need To Know About Myanmar’s Declaration of USDT as Official Currency
The National Unity Government (NUG), led by the supporters of jailed leader Aung San Suu Kyi, made the declaration of USDT as the official currency.
According to a report by Bloomberg, the NUG will accept Tether for its ongoing fundraising campaign seeking to topple the current military regime in Myanmar.
The NUG also raised $9.5 million through the sale of “Spring Revolution Special Treasury Bonds” offered to the Myanmar diaspora across the world. The group aims to raise $1 billion through the sale of NUG-issued bonds.
This was made known via a Facebook post of NUG’s Ministry of Planning, Finance, and Investment on the 13th of December, 2021.
The NUG’s decision to make Tether an official currency undermines the crypto ban imposed by the Central Bank of Myanmar in May last year. The incorporation of Tether as an official currency for local use is prompted by privacy concerns and the seizing of funds by the current regime.
Although Myanmar is still in the control of its military forces, the French Senate and the European Parliament had earlier recognized NUG as Myanmar’s official government.
USDT Decalared as official currency by Myanmar’s shadow government
What Does USDT Have To Gain In Its Declaration as Official Currency?
USDT is no doubt the most popular stablecoins. The fact that it was chosen by Myanmar’s shadow government is a plus for the crypto world as well as the USD.
Being recognized is also seen as a commendation to the strength of the US dollar and its ability to provide a safe haven to citizens of the world.
Beyond that, it also points to long-standing confidence in the US dollar for those who do not have confidence in their own governments or national currencies.
Also Read: How To Buy USDT
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