Myanmar Recognizes Tether as an Official Currency

Briefly –

  • Anti-Junta Groups allow Tether for fundraising and domestic use.
  • Accepting Tethers speeds up services, trade, and payments in fundraising campaigns.
  • Though the regulators remain concerned about the stablecoin, they select Tether due to its privacy.

Despite the regulatory and controversial concerns, Tether emerges as the official current by Myanmar’s shadow government. That has boosted Tether’s utility and acceptance.

Myanmar’s Shadow Government Accepts Tether

The Shadow government of Myanmar, one under the overthrown leader Aung Suu Kyi, has Tether as its official currency. For now, the government will accept money in Tether. Moreover, it can utilize stablecoin in funding its operations.

NUG comprises leaders from the overthrown groups and governments that prioritize democracy. NUG Finance Minister Tin Tun Naing stated that the government would utilize Tether for domestic use to speed up current trade, payment systems, and financial services.

Keep in mind that Myanmar Central Bank declared crypto illegal in 2020. NUG’s Tether usage is a defiance act according to the Central Bank. Moreover, the stablecoin Tether remained surrounded with controversy due to its reserves. Regulators have mediated and examined Tether’s claims of 1-to-1 backing for every coin issued, to no benefit.

The shadow government accepts Tether despite the controversy and speculations. That boosts the coin’s adoption and utility.

Meanwhile, proponents consider the asset risk to the crypto atmosphere, and regulators criticized the digital coin. Lawmakers believe Tether’s crash can mean a massive financial crisis. For now, the stablecoin has its market cap at $77.2 billion while ranking 4th in the crypto list by market capitalization.

Myanmar’s overthrown government leaders selected Tether since users can exchange it without hurdles on P2P venues. Moreover, the coin guarantees higher users privacy. Keep in mind that market players consider Tether as the gateway to crypto for newbie investors and traders.

That comes as the crypto space tries to recover from the latest market crash. Keep in mind that the cryptocurrency market has never been the same since the 4 December crash. Most digital coins await the correct catalysts to support steady rises.

Stay tuned for upcoming crypto market updates.