Myanmar’s parallel government opts for USDT as its “official” currency

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Stablecoin Tether (USDT) has been declared a legal currency of usage by the parallel government of Myanmar, the National Unity Government (NGU), which is run by Aung San Suu Kyi and his supporters. The Ministry of Planning, Finance, and Investment – NUG announced on Facebook that they would adopt USDT for internal commerce and payment transfers.

Myanmar

Source: Facebook

The move is part of the NUG’s nationwide fundraising campaign, which aims to raise $1 billion. Tin Tun Naing, NUG Finance Minister, stated that Tether would act as a tool for domestic use to improve present trade, services, and payment systems by making them easier and faster.

To gather finances, the NUG has launched a “Spring Revolution Special Treasury Bonds” sale, which has so far raised $9.5 million during the first 24 hours. Myanmanr disopera is being offered bonds from all over the world. The NUG aspires to raise sufficient finances to overthrow the current military regime.

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Interestingly, Global rating company Fitch Ratings recently warned that stablecoins pose high risks to security markets.

Myanmar to Use Tether to decimate the Current System

Myanmar central bank banned cryptocurrency in May 2020; threatening individuals caught utilizing the new technology with harsh punishments and prison sentences. NUG, on the other hand, is working to reverse the ban in order to improve transaction efficiency and speed up payment. 

The decision to go with USDT was not made public, but many believe that the steady nature of USDT combined with rapid transaction capabilities swayed the decision in the stablecoin’s favor. Tether’s USDT, on the other hand, is a controversial digital asset, with continual worries about the reserves’ backing.

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At a time when the U.S. government is attempting to implement strict stablecoin issuing restrictions, NUG’s decision could harm its hopes of being recognized as Myanmar’s official government by the U.S. Japan this week also indicated to follow the same steps as the U.S.

Recently a report by the Blockchain Transparency institute claimed that 64% of Tether is used for fake trading. Recently Canada-based crypto exchange Newton delisted the stablecoin.

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