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- Tether has been declared as an official currency in Myanmar by its shadow government
- NUG believes that USDT has the potential to enhance trade speed and payment efficiency
- NUG will also be accepting the stablecoin for its ongoing fundraising campaign
Tether (USDT) is the leading stablecoin with more than $76 billion total market capitalization. In the current scenario, stablecoin is used for most trades executed in the decentralized finance (DeFi) sector. In recent developments, it has been announced that the fiat-pegged crypto token has achieved a new milestone. Notably, Myanmar’s shadow government, the National Unity Government (NUG), has declared USDT as an official currency for local use. According to the cryptocracy’s finance minister, Tether has the potential to enhance trade speed and payment efficiency.
Myanmar’s NUG would accept Tether
According to the recent report published by the mainstream news-media outlet Bloomberg, Myanmar’s shadow government has declared Tether as an official currency. Hence, now the NUG will also be accepting the stablecoin for its ongoing fundraising campaign that seeks to topple the current military regime in the nation.
Read More: Ethereum and Stablecoin Tether among assets purchased by ETH whales
Read More: Tether to aid Bitcoin adoption via its subsidiary Synonym
According to the report published by Bloomberg, the NUG Ministry of Planning, Finance, and Investment shared a post on Facebook regarding the move. Making a stable crypto token an official currency undermines the cryptocurrency ban that the Central Bank of Myanmar imposed.
Why did NUG decide to incorporate USDT?
The incorporation of the stable crypto token USDT as an official currency in the nation for local use is prompted by privacy concerns. Moreover, the measure would help the nation to seize funds from the current regime. According to the NUG finance minister, the leading reason for incorporating USD-pegged USDT tokens is domestic use to make it easy and speed up the current trade, services, and payments systems.
Read More: Top Stablecoins Surpassing Record Levels of Circulation as Tether (USDT) Reaches $72B
However, such a decision of the shadow government to accept Tether could become a point of decision among nations. Especially for the United States that is already looking to impose strict fiat-pegged crypto tokens issuance policy.
NUG seeks to raise $1 billion
The organization led by the supporters of jailed leader Aung San Suu Kyi was recognized as the official government of Myanmar by the French Senate and the European parliament in October this year. However, the United States has yet to move in this direction.
The invisible government has also raised $9.5 million. Notably, the funds were raised through the sale of “Spring Revolution Special Treasury Bonds”. Indeed, these bonds were offered to the Myanmar diaspora across the globe. And now, the group aims to raise $1 billion through the sale of NUG-issued bonds.
