Myanmar Announces USDT Now Legal Currency

• Myanmar’s National Unity Government, an unofficial government resulting from Myanmar’s recent civil war, has declared the stablecoin Tether (USDT) as legal tender.

• In a Facebook post Sunday morning, NUG Finance Minister Tin Tun Naing stated that the adoption of Tether will be for “domestic use to make it easy and speed up the current trade, services, and payment systems.”

• The use of digital currencies during periods of unrest in war-torn country allows everyday people to maintain the value of their wealth and savings in financial systems that extend beyond the borders of the tumultuous nation.

• Tether, the company behind the popular stablecoin USDT, has delivered an official response regarding the situation stating that “the significance of this moment goes far beyond the potentials of cryptocurrency to provide financial security but points to long standing confidence in the U.S. dollar for those who do not have confidence in their own governments or national currencies.”