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Myanmar parallel government will use Tether (USDT) as official currency

In Myanmar, a government led by the followers of Aung San Suu Kyi (a former Myanmar state adviser who holds the title of government leader) has recognized Tether (USDT) as a currency, according to Bloomberg.

Myanmar parallel government will use Tether (USDT) as official currency

Myanmar parallel government will use Tether (USDT) as official currency

The National Unity Government (NUG) made the announcement this Monday (13). Tether will be for “domestic use to make it easy and speed up the current trade, services and payment systems,” the NUG’s finance minister Tin Tun Naing reportedly said.

In February, NUG lost power in Myanmar this year when military personnel declared a one-year state emergency.

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At the time, First Vice President Myint Swe became the interim president of Myanmar, who in turn gave power to Myanmar Defense Services Commander-in-Chief Min Aung Hlaing. Since then, the NUG has lost all governing power and has failed to control any territory in the country.

In September, NUG declared war on the military government, sparking waves of violence across the country.

In May 2020, the Central Bank of Myanmar issued a decree that stated that all cryptocurrencies (such as Tether) were illegal. Now, the NUG is turning the crypto industry’s largest stablecoin into a currency to fund its operations.

With informations: Decrypt

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