Tether, the issuer of the stablecoin of the same name, has praised the decision of Myanmar's parallel government, the Government of National Unity (NGU), to use USDT as its official currency.
Myanmar's NUG is a shadow government run by supporters of Nobel Peace Prize winner Aung San Suu Kyi. What Cointelegraph reported On December 13, NUG announced Tether's USDT as the official currency for local use in an official Facebook post. The Finance Minister stated that USDT would deliver much needed trading and transaction efficiency.
On an official blog mail, Tether praised the decision made by the NUG, a government that is recognized by the European Union and has received praise from the United States:
โThe fact that you have chosen to recognize USDT as an official currency is a compliment to the strength of the US dollar and its ability to provide a safe haven for the citizens of the world. The importance of this moment goes far beyond the potentials of cryptocurrency to provide financial security, but points to lasting confidence in the US dollar for those who do not have confidence in their own governments or national currencies. "
Related: Two companies represent the majority of Tether received: Report
The adoption of the USDT from the NUG came as a surprise to many given the controversies surrounding the stablecoin issuer reserves. However, from a transaction point of view, USDT remains a top choice on crypto exchanges around the world.
The NUG is currently raising funds to the tune of US $ 1 billion and the adoption of the USDT is presented as a measure against the current military regime. Myanmar's central bank banned the use of cryptocurrencies in May last year, and NUG's adoption of stablecoin shows how these digital assets are not only reshaping financial markets, but also serving as political tools.
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