Myanmar plans to make USDT official currency

Myanmar government (shadow government NUG or the National Unity Government) has declared USDT as the country’s official cryptocurrency. This will enhance the overall speed and efficiency of every transaction in both domestic and international trade.

NUG is mainly planning to gain funding using USDT (United States Stablecoin Tether) for the campaign to overthrow the tyrant, military, oppressive government. This shadow government raised $9.5 million by selling the Spring Revolution Special Treasury Bonds throughout the world. The goal is to raise $1 billion through these bonds.

We came across this news after NUG (more specifically, the Ministry of Planning, Finance, and Investment) posted about it today.

This move directly opposes the decision of the Central Bank of Myanmar to ban cryptocurrencies within the country. The NUG also said that Tether extends privacy and security, thus mitigating the risk of funds seizure by the oppressing party. Also, it is quite fast.

The European Parliament and the French Senate support the NUG, but the US has not said anything yet. The US government is planning to levy strict rules on Stablecoin usage, so the NUG’s decision could not come at a more interesting time.