USDT becomes the official currency of Myanmar
Tether or USDT has become the official currency of Myanmar and can be used locally with great ease. The National Unity Government (NUG), Myanmar's shadow government, followed by the followers of the jailed leader Aung San Suu Kyi, made the declaration.
USDT as legal tender?
USDT is a private stablecoin owned by an organization called Tether and is currently the world's fourth-biggest cryptocurrency with a market cap of nearly $76 billion. The current circulating supply of the token is 76,458,204,084 USDT. As per a report from Bloomberg, stablecoin is now a part of Myanmar's day-to-day purchases.USDT will be put to "domestic use to make it easy and speed up the current trade, services, and payment systems," NUG Finance Minister Tin Tun Naing said Sunday in a Facebook post. Moreover, no other details were given regarding the issuance of the policies on the matter.
This sudden adoption of cryptocurrency is a blow to the Central Bank of the nation that declared last year that the blockchain-based currencies are illegal and also threatened to imprison or fine investors. Although, an argument can be made that USDT is not a typical cryptocurrency because it is pegged on a 1:1 ratio to the US dollar instead of being highly volatile like BTC or ETH.
A point of discussion
Stablecoins, especially USDT, have been a topic of major debate among many nations. The adoption of Tether is on the rise as it recently launched on Avalanche too. However, regulators have always speculative the existence of this stablecoin and its circulation.In a study published by Cem Dilmegani, the US regulators have fined Tether, accused it of being involved in shady activities, and yet it will continue to run. The firm is based in the British Virgin Islands and is not audited, and there are cases wherein exchanges use stablecoin to drive prices up.
The authorities plan to launch CBDCs or central bank digital currencies to supress the growth of such stablecoins.
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