2 years ago
279 Reports have confirmed that the National Unity Government (NUG) of Myanmar has successfully approved the Tether stablecoin (USDT) as a legal dollar proxy for domestic transactions.
According to a Bloomberg report published on Dec.13, the interim government of Myanmar confirmed that it would use Tether stablecoins (USDT) for domestic transactions to make it easy and speed up current trade services and payment systems.
The National Unity Government of Myanmar, which comprises former president Win Myint’s executive cabinet members and his State Council, Aung San Suu Kyi, came to power following a military coup sometime in mid this year.
At the time, Burmese politician Myint Swe became Acting President of Myanmar, with Junta Army General Min Aung Hlaing succeeding as the new Prime Minister in the interim government.
As per the report, the interim government intends to use Tether (USDT) just like the American dollar, but in a manner that will hedge against inflation, censorship, and control of the new government.
It is worth noting that the current regime outlawed the general use of cryptocurrencies in May 2021. In that case, the latest adoption of Tether (USDT) might be a form of provocation from the National Unity government towards the new administration.
Although the National Unity parallel Government has no military control, it has garnered massive endorsements from a global diplomatic sphere.
The NUG is currently recognized by European Parliaments, with active offices in Australia, South Korea, the United States, France, the Czech Republic, and the United Kingdom.
In addition to the USDT adoption reports, the National Unity Government has also unleashed “Spring Revolution Special Bonds.” Remarkably, the new bonds successfully raised around $9.5 million in 24 hours, and they are targeting to reach $1 billion in valuation. The parallel government intends to secure more than enough financing to dethrone the current administration.
Cryptos And Geopolitics
Although the recent news appears as a great surprise to the Myint Swe and Min Aung Hlaing joint government, the truth is that it was not surprising to the crypto community. As time goes on, cryptos increasingly play a considerable role in global geopolitics.
In September 2021, El Salvador’s current regime announced the official mandatory adoption of Bitcoin as legal tender. At the time, the Nayib Bukele administration insisted on adopting Bitcoin despite receiving stern warnings from multilateral organizations such as IMF and World Bank.
Furthermore, El Salvador went on to install a volcanic energy mining plant, bought 1120 BTC for the national fund, and developed a government-backed official Bitcoin wallet.
In the same case, in Venezuela, Juan Guaidó, a rightful Venezuelan president recognized by 11 out of 195 countries in the world, unsuccessfully tried to receive money from the United States, aimed at funding health services in the country. Guaidó has repeatedly accused Nicolas Maduro’s regime of using digital assets to pay gangs that helped him to gain power.
Besides, many more countries have embraced crypto technologies for less extreme perspectives away from geopolitics. The Bahamas and China are perfect examples, with the Marshal Island already implementing its CBDC. Moreover, about 87 countries globally are also working on possible CBDCs currently.
