The National Unity Government of the Republic of Myanmar (NUG), has stated that Tether’s USDT would be adopted as a legal tender for local use, Tether has commended this move stating it will help strengthen the US currency.
Tether has now praised the government’s move, claiming that it demonstrates the strength of the US currency and its capacity to give a safe haven to people all around the world. Tether’s official press announcement stated:
“The National Unity Government of the Republic (NUG) is led by Nobel Peace Prize winner Aung San Suu Kyi, who has received commendations from the US. The party has also been acknowledged by the European Union. The fact that it has chosen to recognize USDT as an official currency is a commendation to the strength of the US dollar and its ability to provide a safe haven to citizens of the world. “
The decision, according to the stablecoin issuer, is a huge step forward for the world, as it goes beyond the capacity of cryptocurrency to provide financial security and demonstrates long-standing trust in the US dollar.
The NUG is now selling bonds to raise funding to topple the current military dictatorship and free their imprisoned leader. Because of its effectiveness, NGU’s finance minister stated that the USDT would allow for improved internal transactions and trade, making them the first government of its sort to embrace the stable currency.
Many people were surprised by the NUG’s USDT acceptance, given that its issuer, Tether, has been embroiled in controversy for quite some time.
There have been major claims of financial mismanagement and the backings of the current USDT circulating supply. Tether was recently fined $41 million by the CFTC for making false representations about its stablecoin being completely backed by US dollars.
The NUG government is recognized by the European Union and the French government; but, its recent acceptance of USDT may spark a discussion among states, particularly the United States, which is attempting to implement strict stablecoin issuing laws.