TL; DR Breakdown
- Myanmar’s NUG adopts Tether as its legal tender
- The opposition government is going against the rules of the current government
- Countries continue to use crypto for their gains
The government opposing the ruling party in Myanmar, the National Union Government, has announced that it has adopted Tether as its official currency. According to the statement by the party, the stablecoin would be used to tackle several transactions on the domestic front. The decision to move to the digital currency was adopted following a coup that pushed some of the politicians in the president’s cabinet out of power. The use of the digital currency is coming when the ruling government is still opposed to digital assets.
Myanmar’s NUG goes against the rule of the ruling government
In a report released by Bloomberg, not only will the party use the stablecoin for transactions, but it will also use it for trades and to make payments. One of the reasons it chose Tether is how swift the technology is when making transactions. The main aim is to adopt the Tether in the same manner as the dollar but with an approach that will evade all the sanctions put in place by the government on users of the assets.
Notably, the new government in 2020 announced a ban on holding and trading digital assets, which invalidates any approach that Myanmar’s NUG is taking. However, experts have declared the move as a tool for provoking the current government instead of Myanmar’s NUG claims.
Although Myanmar’s NUG has no autonomous power backing it, it has received a widespread embrace from countries worldwide. Also, the NUG is looking for a way to kick the current government out of power through its treasury bonds which are predicted to raise about $1 billion in the coming months.
Countries continue to use crypto for their gains
Although Myanmar’s NUG action may have come as a shock to many enthusiasts in the country, crypto enthusiasts have been known to have always used the asset as a tool. In the last few years, digital assets have been one of the pushing factors that have aligned governments worldwide.
For instance, some months ago, Nayib Bukele announced that El Salvador had adopted Bitcoin as a legal means of exchange in the country. Although several parties worldwide tried to become a clog in its Bitcoin adoption wheel, the country surged forward with the idea. Presently, the country owns about 1120 Bitcoin while mulling the idea of a Bitcoin city in the years to come.
Another case is Venezuela, where Juan Guaido was accused of using digital assets for activities that could help him overthrow the current government in power. The government accused him of using digital assets to finance local gangs in his quest for power. With most countries now looking to build their CBDC, it is unknown what they might do with the assets once they eventually launch them.
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