The exiled Government of National Unity in Myanmar has officially asserted Tether as its official currency to be used amongst its people.
In hopes of tackling the military government in power and promoting the use of cryptocurrencies, the Exiled National Unity Government of Myanmar have officially made the US Dollar powered cryptocurrency, Tether as Legal Tender in the region. Despite having no power or control in the region and its leader, Aung San Suu Kyi who is currently imprisoned, the exiled National Unity Government as of now is seen as a legit representative by the European Union.
Tether in Power
A few days ago, the Ministry of planning, finances and investments Ministry of the National Unity Government posted on the social media platform, Facebook, about their new plans for the official currency. The Ministry stated in the post that the Official Myanmar Kyat, that was being distributed by the main Central Bank, is no longer a valid currency and that the USD backed Tether cryptocurrency will now be implemented in the region as legal tender.
Intentions Behind the Decision
With the exiled Government of National Unity pushing Tether as legal tender is the region, its goal is finding an alternative financial solution that would help to tackle the military government’s control and rule over the region’s financial system.
The statement on Facebook also mentioned that the military government has complete control over the region’s central bank and the decision to make Tether as legal tender comes from the intention of helping to improve speed-up the existing financial and trading services offered to the people and aiding them in accessing one of the fastest growing markets in the world.
Kyat Loss in Value
Another reason for promoting Tether is because of the immense loss in value that the Kyat of Myanmar has been experiencing for the past couple of months. The currency has dropped a shocking 60% in value, which is why the fear of financial collapse was developed.
Tether under Suspicion
However, making Tether as the official valid currency has worried many in the crypto space with development of skepticism following it, because Tether has been a part of quite a lot of controversies in the past few years, with one issue regarding the condition of the assets that are present in their reserves.