Myanmar’s parallel government The National Unity Government of the Republic (NUG) formed by the followers of jailed leader Aung San Su Kyi announced they would adopt Tether’s USDT as a legal currency for local use. Tether has now come out to commend the government’s decision and said it shows the strength of the United States dollar and its ability to provide a safe haven to citizens of the world. The official release from Tether read:
“The National Unity Government of the Republic (NUG) is led by Nobel Peace Prize winner Aung San Suu Kyi, who has received commendations from the US. The party has also been acknowledged by the European Union. The fact that it has chosen to recognize USDT as an official currency is a commendation to the strength of the US dollar and its ability to provide a safe haven to citizens of the world. “
The stablecoin issuer went on to call the decision a significant movement for the world that goes beyond the potentials of cryptocurrency to provide financial security but points to long-standing confidence in the US dollar.
The NUG is currently raising funds via bond sales in order to overthrow the current military regime and free their jailed leader. The finance minister of NGU had said that USDT would make way for better inner transactions and trade because of its efficiency making them the first government of its kind to adopt the stable currency.
Tether will aim to bank on the adoption
The NUG’s USDT adoption came as a surprise to many given its issuer Tether has been involved in controversies for quite some time. There have been serious allegations of mismanagement of funds and the backings of the current circulation supply of USDT. Tether was recently fined by CFTC in line with $41 million penalties for misleading claims that its stablecoin was fully backed by US dollars.
The NUG government is recognized by the European Union and the French state, however, its recent adoption of USDT could trigger a debate among nations, especially the United States which is looking to introduce strict stablecoin issuance policies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.