Despite being surrounded by controversy and regulatory concerns, the stablecoin Tether (USDT) has become the official currency of the shadow government in Myanmar. This gave Tether a boost in acceptance and usefulness.
- Anti-Junta groups accept Tether (USDT) for household use and fundraising.
- Tether Acceptance (USDT) accelerates fundraising for commerce, services, and payment systems.
- Tether (USDT) was chosen to allow users more privacy despite regulatory concerns surrounding the stablecoin.
Myanmar’s Shadow Government Accepts Tether (USDT)
Myanmar’s shadow government, led by the ousted leader Aung San Suu Kyi, has recognized the stablecoin Tether (USDT) as the official currency. The government now accepts funds in Tether (USDT) and uses the stablecoin to finance its operations.
NUG is an alliance of overthrown government leaders and pro-democracy groups.
NUG Finance Minister Tin Tun Naing said:
“Tether is used for domestic use to facilitate and accelerate today’s commerce, services and payment systems.”
In 2020, the Central Bank of Myanmar declared cryptocurrencies illegal. The use of Tether (USD) by the NUG is considered an act of defiance against the Central Bank.
The stablecoin, Tether (USDT), is surrounded by controversy over its reserves. Regulators stepped in and investigated Tether (USDT) claims of individual support for each issued token, to no avail.
Despite being surrounded by speculation and controversy, Tether (USDT) was accepted as the official currency of the shadow government, further strengthening its adoption.
Supporters view Tether (USDT) as a risk to the cryptocurrency ecosystem, and regulators have criticized the stablecoin, citing that its collapse could trigger a massive financial crisis. The market capitalization of Tether (USDT) is $ 77.2 billion and it is the fourth largest cryptocurrency by market capitalization.
The leaders of Myanmar’s fallen government chose Tether (USDT) because it can be easily traded on peer-to-peer sites and offers more privacy to users. Although it is the center of speculation, it is considered the gateway to cryptocurrency for new traders and investors.
By Ekta Mourya, FXStreet
Ekta Mourya is currently pursuing her MBA in Finance. He has been working in the field of cryptocurrencies since 2017. He has held positions in the marketing team of major Indian crypto exchanges Koinex and CoinDCX. She is interested in day trading and the derivatives market.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.
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