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Myanmar Shadow Government Declares Stablecoin USDT An Official Currency

As per Myanmar’s shadow government, NUG finance minister, Tether is the ultimate currency that will enhance trade speed and payment efficiency in the country. As per this finance minister and the supporters of the jailed leader, Aung San Suu Kyi declared the United States dollar-based stablecoin Tether(USDT) as their official currency for local use.

As per the recent report published in heraldnet, NUG will accept USDT for their ongoing fundraising campaign, which is for the military regime in Myanmar. The NUG has also raised about $9.5 million during the sale of the “Spring Revolution Special Treasury Bonds.” It aims to raise $1 billion more through the sale of the NUG-issued bonds soon.

The NUG was declared as the official government of Myanmar by the French Senate and the European parliament in October 2021. The NUG’S incorporation of the USDT in their country can become a point of discussion across other countries and nations, especially when the US is considering imposing stablecoin issuance policies lately.

This shift to the USDT by the NUG erodes the crypto ban, which has been applied before as imposed by the Central Bank of Myanmar since last year. In addition to this, the shift of USDT to the local currencies gave rise to many privacy concerns and concerns relating to the seizing of the funds by the current regime. However, as per the finance minister, this shift to USDT is solely dedicated to improving the speed and making trade, services, and payment systems seamless for their country.