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USDT as official currency: Tether praises Myanmar's shadow government for decision



The stablecoin issuer believes the fact that the NUG is using the USDT as its official currency is a significant event that goes beyond the potential of cryptocurrencies.


Tether, the company behind the stablecoin of the same name, has praised the decision by the shadow government of Myanmar, the so-called NUG, to use the USDT as its official currency.


The NUG is a shadow government in Myanmar led by the supporters of Nobel Peace Prize winner Aung San Suu Kyi. How Cointelegraph on December 13 reported that NUG announced in an official Facebook Post to want to use the USDT of Tether as its official currency. The Treasury Secretary claimed the USDT would provide the much-needed trade and transaction efficiency.


In an official blog post , Tether praised the decision of the NUG, which is recognized as a government by the European Union.


"The fact that it has chosen to recognize the USDT as its official currency is a recognition of the strength of the US dollar and its role as a safe haven for citizens around the world. The significance of this moment goes way beyond the potential of cryptocurrencies for financial security. It also shows the long-standing trust in the US dollar among those who do not trust their own governments or national currencies. "

The announcement that the NUG would use the USDT as its official currency came as a surprise to many amid controversy over the stablecoin issuer's reserves . However, in terms of transactions, the USDT is still very popular on crypto exchanges around the world.


The NUG is currently aiming to raise $ 1 billion and the use of the USDT is a measure against the current military regime. The use of cryptocurrencies was banned by the Central Bank of Myanmar in May last year. The NUG's use of a crypto stablecoin shows how these digital assets are not only reshaping financial markets, but also serving as policy tools. 

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