Myanmar's Shadow Gov Embraces Tether as Legal Tender
Main page Economics, Tether, Crypto Market, Stablecoins

A group of supporters of Myanmar's ousted leader Aung San Suu Kyi legalized the tether stablecoin as an official currency for local use, Bloomberg has learned, citing National Unity Government (NUG) Finance Minister, Tin Tun Naing. According to the report, the NUG now accepts USDT for "domestic use to make it easy and speed up the current trade, services and payment systems." However, no other details were given.

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This October, Tether Holdings Ltd., the company behind the USDT stablecoin, singed a partnership agreement with Notabene, a service designed to share travel rule compliance, to comply with the FATF recommendations. The company said the initiative is focused on combating money laundering and crime in cross-border cryptocurrency transactions. Particularly, Tether wants to find out how it can send other cryptocurrency companies the "required identifying information in respect of its customers in a secure manner."

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Following the 2020 Myanmar general election, in which Aung San Suu Kyi's party won a clear majority in both houses, the Burmese military seized power in a coup d'état. The coup has lead to widespread protests in Myanmar and has been marked by a heavy handed response by the military. The military arrested Aung San Suu Kyi and charged her with crimes ranging from corruption to the violation of COVID protocols.

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