NUG to replace Kyat with cryptocurrency

13 December 2021
NUG to replace Kyat with cryptocurrency
A man holds new edition of 1,000 Myanmar Kyats banknotes featuring portrait of late General Aung San outside the Myanmar Economic Bank in Yangon. Photo: Nyein Chan Naing/EPA

The NUG’s Ministry of Planning, Finance, and Investment has announced that USDT or USD Tether will be Myanmar’s official currency, instead of the Myanmar Kyat, ambcrypto.com reported.

Tether is a cryptocurrency that is hosted on the Ethereum blockchain with tokens issued by Tether Limited, which in turn is controlled by the owners of Bitfinex. Tether is called a stablecoin because it was originally designed to always be worth US$1.00.

CNBC reported that in June Boston Fed President Eric Rosengren raised the alarm about tether, calling it a potential financial stability risk.