Myanmar, also known as Burma, has adopted USDT, a stablecoin tethered to USD, as official currency to fight against military dictatorship. For those who do not know, military is in control in Myanmar and they control everything – from banks to internet.
People against the government, exile has announced to start using USDT instead of official currency, KYAT. The official announcement says that USDT is officially recognized in order to improve and accelerate the current trading and financial services, the following digital currency, a stablecoin, now has been officially recognized for usage within the nation.
At the same time, all currency released by central bank of Myanmar cannot be used for buying goods and services, basically rendering it useless. This announcement was made by Tin Htun Naing, Ministry of Planning, Finance and Investment.
This exile government actually won the 2021 election but could never come to power as all cabinet ministers are surprisingly missing – probably due to intervention by Myanmar’s military.
With all the controversy behind USDT, we would have preferred to see USDC or PAX, both of which are actually backed 100-percent by USD stored in banks in US.