Breaking: Myanmar’s Shadow Government Makes Tether’s USDT an “Official” Currency

Published by
Breaking: Myanmar’s Shadow Government Makes Tether’s USDT an “Official” Currency

Myanmar’s parallel govenment called the National Unity Government (NGU), led by the supporters of Aung San Suu Kyi has declared Tether’s USDT as an official currency of use. In an official facebook post made by the Ministry of Planning, Finance and Investment – NUG declared they will use USDT for internal trade and payment transfer.

Source: Facebook

The decision comes as a part of its national fundraising program through which the NUG aims to raise $1 billion. NUG Finance Minister Tin Tun Naing said,

Tether will be a tool for “domestic use to make it easy and speed up the current trade, services and payment systems,”

The NUG has initiated a  “Spring Revolution Special Treasury Bonds” sale to raise funds and until now that have raised a total of $9.5 million in the first 24-hours. The bonds are being offered to Myanmanr disopera all around the globe. The NUG hopes to raise enough funds to topple the current military regime.

Advertisement

NUG Aims to Use Tether to Undermine Current Regime

The central bank of Myanmar banned cryptocurrency in May last year and also threatened high penalty and jail term to those found using the nascent tech. However, NUG aims to undermine the ban to ensure higher transaction efficiency and faster payment. The NUG group will hope for more privacy through cryptocurrency use.

The decision to go for USDT wasn’t revealed in the official release, but many belive the stable nature of USDT with instant transaction facilities might have tilted the decision in the stablecoin’s favor. Howver, Tether’s USDT is quite a controversial digital asset especially constant questions surrounding the backing of the reserves.

At a time when the United States government is looking to impose strict stablecoin issuance policies, NUG’s decision could undermine its chances of getting recognized as the official government of the Myanmar by the U.S.

Advertisement

Share
Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Robinhood Lists HYPE As Hyperliquid Flips Aster, Lighter In Perp DEX Volume

Crypto exchange Robinhood has listed Hyperliquid's native token HYPE for its U.S. clients. This comes…

October 23, 2025
  • News

Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow

The U.S. Bureau of Labor Statistics (BLS) will release the Consumer Price Index (CPI) data…

October 23, 2025
  • Bitcoin News
  • News

US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?

The “Trump insider whale” has begun closing its Bitcoin short positions just as the U.S.…

October 23, 2025
  • News

Just-In: Changpeng “CZ” Zhao Counters Peter Schiff, Says “Tokenizing Gold Is Not On-Chain Gold”

Binance founder Changpeng "CZ" Zhao debunked economist Peter Schiff's views on tokenizing gold. CZ claimed…

October 23, 2025
  • News

$240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash

Indian crypto exchange WazirX has taken key steps toward resuming full operations, with INR and…

October 23, 2025
  • News

Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump

Pi community expert Mr Spock has claimed that the Pi Network team is behind the…

October 23, 2025