CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$22,965.00
  • ethereum
    ETH$1,653.39
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Myanmar’s National Unity Government Adopts Tether (USDT) As Official Currency

    Myanmar’s National Unity Government Adopts Tether (USDT) As Official Currency

    Author: Felix Mollen

    Last Updated Dec 14, 2021 @ 04:01

    The National Unity Government of Myanmar will use Tether (USDT) as a dollar proxy for domestic transactions, even though the acting regime is against it.

    The Myanmar government has declared Tether (USDT) as its official currency for “domestic use”…. Well, Kind of.

    The decision to adopt USDT was taken by the National Unity Government of Myanmar, which is a kind of parallel government made up of former President Win Myint’s executive cabinet members and his State Counsellor, Aung San Suu Kyi.

    These politicians were ousted following a coup in which Burmese politician Myint Swe was appointed as Acting President of Myanmar, and Army General Min Aung Hlaing took over as Prime Minister.

    Myanmar’s Rebels Embrace Tether (USDT)

    According to a Bloomberg report, the National Unity Government of Myanmar stated that it will use Tether for “domestic use to make it easy and speed up the current trade, services and payment systems.” The idea is to use USDT just as if it was the American dollar, but in a way that is resistant to the censorship and control of the new government.

    It is worth noting that in May 2020, the current regime outlawed the use of cryptocurrencies. Hence, the adoption of Tether is not only a matter of practicality but also a form of political provocation from the National Unity government towards the new administration.

    ADVERTISEMENT

    Although the National Unity Government has no territorial or military control, it has gained some space in the global diplomatic sphere, being recognized as legitimate by the European Parliament with offices opening in the United States, France, Australia, South Korea, the Czech Republic, and the United Kingdom.

    In addition to the use of USDT for domestic transactions, the NUG issued “Spring Revolution Special Treasury Bonds,” which raised $9.5 million in 24 hours – with expected total proceeds of $1 billion. The goal of the bonds is to raise enough financing to overthrow the current government and regain power.

    Cryptocurrencies and Geopolitics

    While the news may have taken the Myint Swe and Min Aung Hlaing government by surprise, the truth is that the idea is nothing new among cryptocurrency enthusiasts. As time goes on, decentralized digital currencies play an increasingly important role in global geopolitics.

    Just a few months ago – specifically in September 2021 – Nayib Bukele’s regime announced the adoption of Bitcoin as a legal tender with mandatory acceptance. Despite warnings from multilateral organizations such as the IMF, the World Bank and threats from governments such as the United States, the country insisted on adopting Bitcoin and inaugurated a volcanic energy mining farm, bought 1120 BTC for a national fund, and developed an official wallet.

    On the other hand, in Venezuela, Juan Guaidó, a Venezuelan politician recognized as the country’s sole legitimate president by 11 of the 195 countries in the world, unsuccessfully tried to use cryptocurrencies to receive money from the United States and subsequently give it away to the country’s medical workers. He has also been accused by Nicolas Maduro’s cabinet of paying criminal gangs with cryptocurrencies to help him gain power.

    Other countries have turned to cryptocurrencies and blockchain technologies for less extreme perspectives. According to estimates by The Atlantic Council, the Bahamas, China, and the Marshall Islands are already implementing their own digital currencies, and about 87 countries are working on developing a CBDC.

    Status of Countries with CBDC projects. Source: The Atlantic Council
    Status of Countries with CBDC projects. Source: The Atlantic Council
    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • TetherAvalanche
      Tether’s Blockchain Expansion Continues as USDT Goes Live on Avalanche
    • TetherUSD
      Report: Alameda and Cumberland Acquired Nearly 55% of USDT's Total Supply
    • tether_bitfinex_cover
      Tether and Bitfinex Ordered to Pay $42.5 Million Fine by the CFTC
    Tags: Tether (USDT)
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Felix Mollen
    More posts by this author

    Felix got into Bitcoin back in 2014, but his interest quickly expanded to everything blockchain-related. He's particularly excited about real-world applications of blockchain technology. Having worked as a professional content writer for three years before that, Felix transitioned to working on blockchain-centered projects and hasn't looked back ever since.

  • bitcoin
    BTC$22,965.00
  • ethereum
    ETH$1,653.39
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    What is Optimism (OP): Guide to One of Ethereum’s Layer-Two Scaling Solutions

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    Why ZK-Rollups Are the Future of Ethereum Scaling: Interview with StarkWare PM Gal Ron

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!