Myanmar shadow government declares stablecoin USDT an official currency
The NUG finance minister said Tether use would enhance trade speed and payment efficiency. Myanmar’s shadow government, the National Unity Government (NUG), led by the supporters of jailed leader Aung San Suu Kyi, has declared U.S. dollar-based stablecoin Tether (USDT) as an official currency for local use. As per a report published in Bloomberg, the NUG will accept Tether for its ongoing fundraising campaign seeking to topple the current military regime in Myanmar. The shadow government also raised $9.5 million through the sale of “Spring Revolution Special Treasury Bonds” offered to the....
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The stablecoin issuer called NUG’s USDT adoption a significant event that goes “beyond the potentials of cryptocurrency.” Tether, the issuer of the eponymous stablecoin, has praised the decision of Myanmar’s parallel government, The National Unity Government (NGU), to use USDT as an official currency.Myanmar’s NUG is a shadow government run by the supporters of Nobel Peace Prize winner Aung San Suu Kyi. As Cointelegraph reported on December 13, NUG announced Tether’s USDT as official currency for local use in an official Facebook post. The finance minister claimed that USDT would offer....
Tether became an official currency in Myanmar’s shadow government in the middle of December of last year. The country’s ruling junta proposed a cryptocurrency ban as a way to combat this. Even though crypto payments are difficult to track, the ban was arguably less effective than it could have been. According to a State Administration […]
Myanmar’s military-ruled government is proposing to enact laws that will see users of virtual private networks (VPN) and digital currencies being jailed for up to three years. In addition, offenders will be made to pay fines of up to $2,800.
Draft Bill Open for Comments
Myanmar’s military-ruled government is proposing to enact a law that outlaws the use of virtual private networks (VPN) and digital currencies in that country. Once enacted, violators of the new law not only face jail time but will be made to pay a fine.
According to a report published by....
Major General Zaw Min Tun said rolling out a digital currency would "help improve financial activities in Myanmar." The armed forces of Myanmar, which have been in control of the government since forcibly detaining many elected leaders in 2021, is reportedly planning to release a digital currency to help the local economy.According to a Thursday report from Bloomberg, Major General Zaw Min Tun said rolling out a digital currency would “help improve financial activities in Myanmar,” but military officials were undecided on whether to work with local companies or release the token on their....
Data shows the top stablecoin USDT has lost some dominance following the collapse of UST. While other coins like USDC and BUSD have observed rather sharp growth. USDT Has Shed Around $10 Billion Reserves After UST’s Collapse A stablecoin is a token whose value is pegged to another currency or commodity. The most popular such […]