Crypto

NUG Announces USDT Stablecoin as Official Currency

NUG Announces USDT Stablecoin as Official Currency

The USDT stablecoin has been announced and declared an official currency by Myanmar’s shadow government.

The usage of Tether, according to the NUG’s Minister of Finance, will improve trade speed and payment efficiency.

Myanmar’s shadow government, the National Unity Government (NUG), which is controlled by followers of imprisoned leader Aung San Suu Kyi, has designated Tether (USDT) as an official currency for local usage.

According to a Bloomberg report, NUG will accept Tether for its ongoing fundraising campaign to overthrow Myanmar’s present military government. The shadow government also raised $9.5 million by selling “Spring Revolution Special Treasury Bonds” to Myanmar diasporas all over the globe. Through the issuance of NUG-issued bonds, the group hopes to raise a billion dollars.

On December 13, the NUG Ministry of Planning, Finance, and Investment released a notice on Facebook about the relocation.

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The NUG’s decision to make Tether an official currency challenges the Central Bank of Myanmar’s crypto ban, which was enacted in May of last year, 2020.

Privacy concerns and the present regime’s seizure of funds spurred the adoption of Tether as an official currency for local use. The key reason for Tether’s incorporation, according to the NUG Finance Minister, is “domestic use to make it easy and speed up the current trade, services, and payment systems.”

In October 2021, the French Senate and the European Parliament recognized NUG as Myanmar’s official government; however, the United States has made no such move. The NUG’s decision to accept and use Tether stablecoin could spark debate among nations, particularly as the US government considers enacting tight stablecoin issuing restrictions.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.