Myanmarparallel government of Tether (USDT) made an important decision. According to the decision of government officials, USDT has been declared the official currency of the country!
The Government of National Unity (NUG), founded by followers of imprisoned leader Aung San Su Kyi, announced that they will accept Tether USDT as the legal currency for local use. Tether has now praised the government’s decision, saying it demonstrates the strength of the US dollar and its ability to provide a safe haven to the citizens of the world. Here is Tether’s official statement:
“The Government of National Unity of the Republic (NUG) is led by Nobel Peace Prize laureate Aung San Suu Kyi, who has received accolades from the United States. The party was also recognized by the European Union. Its choice to recognize USDT as its official currency is a tribute to the strength of the US dollar and its ability to provide a safe haven to the citizens of the world. “
The stablecoin issuer described the decision as an important move for the world that goes beyond the potentials of cryptocurrency to provide financial security, but points to long-standing reliance on the US dollar.
The NUG is currently raising funds through bond sales to overthrow the current military regime and free their imprisoned leaders. The NGU Finance Minister had stated that because of the efficiency of the USDT, it would lead to better internal transactions and trade as it was the first government of its kind to adopt the stable currency.
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of NUG USDT‘ came as a big surprise to many, given that its issuer Tether has been involved in controversy for some time. Serious allegations are still being made regarding the mismanagement of funds and the support of the current circulating supply of USDT. Tether was recently fined $41 million by the CFTC for misleading claims that its stablecoin is fully backed by the US dollar.
The NUG government is recognized by the European Union and the French government, but its recent adoption of USDT could spark a debate among countries, particularly the United States, which is trying to implement strict stablecoin issuance policies.
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