Myanmar has declared stablecoin Tether (USDT) as an official currency. However, the decision was made by an alternative government whose members are outlawed in the country.
The news of Tether’s acceptance as Myanmar’s official currency was posted on Facebook by Tin Tun Naing, NUG Finance Minister. It is an unconstitutional legislature in opposition to the country’s current State Administrative Council.
According to Bloomberg, the USDT adoption is part of a fundraising campaign to topple the military regime in Myanmar. The stablecoin is also designed to facilitate trade, services and financial transactions.
The official position of the Central Bank of Myanmar has not changed. In May 2020, cryptocurrencies were declared illegal, and their use faces fines or imprisonment.
