Myanmar was thrust into a spiral of crisis after the elected government of the Union for National Democracy party was overthrown in a coup in February. Protests and conflicts broke out everywhere, the country’s economy was damaged, the COVID-19 epidemic intensified. This may have caused citizens in the country to shift their focus to Bitcoin and altcoin projects, specifically Tether (USDT).
Is Altcoin Tether the official currency in Myanmar?
In February of this year, there was a coup d’etat in Myanmar. So far, the society has not yet clarified which party is considered the legitimate government in Myanmar. Due to this uncertainty, perhaps the monetary and legal issues here are reported to be troublesome. Currently the military is in control and the government tightly controls the banks and the internet. Everything is traceable, so the government announced the news today to encourage people to use USDT instead of the current official Myanmar Currency (KYAT).
The official statement from the government in Myanmar is as follows:
Tether (USDT) is officially recognized for domestic use.
1. To improve and accelerate existing trade and financial services, the following digital currency, a stablecoin, is now officially accepted for domestic use – Tether (USDT)
2. Thus, the instruction note issued by the central bank of Myanmar (September 2020) was declared invalid. The military regime controls the central bank.
cryptocoin.com As we have also reported, USDT is a stablecoin issued by Tether, a Hong Kong-based company, reflecting the price of the US dollar. The pegging of the token to the USD is achieved by holding in reserve an amount of commercial paper, fiduciary deposits, cash, reserve repo notes and treasury bills equal to the number of USDT in circulation in USD.
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