The Myanmar National Economic and Social Council has recently announced that the US Dollar Tether (USDT) has become an official currency in Myanmar. This decision was made in order to enhance the central bank’s ability to combat money laundering and other illicit activities. Furthermore, USDT will coexist with the Myanmar Kyat (MMK) as a parallel currency to ensure that trade relations with China and Thailand remain unaffected.
The National Unity Government (NUG) has also declared that they will accept Tether currencies for their ongoing fundraising campaign in Myanmar. This decision follows the crackdown on rebel forces in Rakhine state by the regime, resulting in the death and displacement of thousands of individuals. Reports indicate that the shadow government has raised $9.5 million by selling “Spring Revolution Special Treasury Bonds” exclusively to the Myanmar diaspora. Their goal is to raise $1 billion through the sale of NUG-issued bonds.
The entity responsible for this announcement is the Ministry of Planning, Finance, and Investment of Cambodia under the NUG. The National Unity Government (NUG) of Myanmar, which serves as the shadow government, has officially recognized Tether (USDT) as a legitimate currency for domestic use.
Source: Ministry of Planning, Finance and Investment – NUG
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What was the previous official currency of Myanmar?
Myanmar is a Southeast Asian country situated on the Bay of Bengal. The official currency of Myanmar is the Kyat, which is abbreviated as MMK. The term “Kyat” is derived from the Burmese word “ka-ya-“, meaning “handful”.
Cryptocurrencies have been a topic of discussion in Myanmar, with the government’s stance causing confusion and concern in the past. In November 2017, the Central Bank of Myanmar issued a statement stating that cryptocurrencies were not considered legal tender for the payment of goods and services. This means that cryptocurrency is not accepted as a valid form of payment, including its exchange for other currencies or the purchase of foreign currencies from abroad.
In December 2018, the Central Bank of Myanmar reiterated its position on cryptocurrencies by issuing a new circular that classified them as illegal virtual commodities. The central bank cited speculation as one of the reasons for prohibiting cryptocurrency trading.
Myanmar is a country without cryptocurrency regulations. The recent introduction of US Dollar Tether (USDT) in the country has been a controversial move by the Myanmar government.