Government-in-exile in Myanmar recognized Tether as the official currency
Myanmar has been pushed into a spiral of crisis after the National Union for Democracy party’s elected government was toppled in a coup in February. Protests and conflicts broke out everywhere, the national economy was devastated, the COVID-19 epidemic raged. And perhaps that’s why crypto in general and stablecoin in particular, Tether, are also most eye-catching.
Is Tether the official currency in Myanmar?
In February of this year, Myanmar had a coup d’etat, 99% of the nation’s population hated the army, and now two governments live in parallel. So far, the international community has not yet clarified which party is considered the legitimate government in Myanmar. Because of this ambiguity, perhaps the monetary and legal issues here are pretty troublesome.
Currently, the Military is in control, and the government tightly controls the banks and the internet. Everything is traceable, so the government in exile has announced the news today to encourage people to start using USDT instead of the current official Myanmar Currency (KYAT).
The official Announcement In the Burmese Language
The official Announcement from the government-in-exile in Myanmar is as follows:
[Title] Tether (USDT) is officially recognized for usage within the nation.
1. To improve and accelerate the current trading and financial services, the following digital currency, a stable coin, now has been officially recognized for usage within the nation – Tether (USDT)
2. Thus, declaring the order note (September 2020) released by the central bank of Myanmar as invalid. The military regime controls the central bank.
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