- NUG’s Finance Minister Tin Tun Naing said in a Facebook post that the NUG will now accept the dollar proxy, USDT, for “domestic use to make it easy and speed up the current trade, services and payment systems.”
- Although NUG holds no official power, it declared war against Myanmar’s junta, a government led by military leaders, in September. The junta came to power earlier this year after a military coup.
- In May 2020, Myanmar’s central bank declared all digital currencies illegal. Hence, NUG’s adoption of tether appears to be an act of defiance.
- While free from the erratic price swings that are customary with crypto, such as bitcoin and ether, tether has nonetheless long been mired in controversy over the opaqueness of the dollar reserves that back it.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.