Myanmar declares the USDT as the official currency.
Hello everyone...
Another country in the world that has already joined the trend that has started the Salvadoran trend of adopting a cryptocurrency as legal tender, is Myanmar, where the parallel government of the imprisoned leader Aung San Suu Kyi, has announced this December 13 this economic measure.
For example, El Salvador started with this economic measure to boost the country's economy to new highs, and so far has been successful, while Myanmar does it mainly given the need to avoid sanctions from the regime that is currently in power and thus be able to use funds to boost the political campaign of the NUG of the imprisoned leader Aung San Suu Kyi.
In addition, another reason for implementing the USDT as the official currency is to give a boost to trade in Myanmar, which is currently going through its worst period due to the ravages of the pandemic. Also, the fact that agricultural activity such as rice cultivation accounts for 40% of gross GDP makes Myanmar's economy vulnerable to quarantine closures.
Inhabitants have a very low standard of living relative to the 196 countries in the GDP per capita ranking. And Myanmar's currency, like many other weak economies, is increasingly losing value. So the decision to take a cryptocurrency that has no government control and make it legal tender has its effective advantages.
Of course, the fact that they adopt a stablecoin with centralization problems makes it somewhat difficult to define that the USDT does not suffer crashes or sabotage since unlike the savior they adopted the bitcoin, a truly decentralized currency that absolutely nobody can control. It should also be taken into account that the USDT is in the sights of many regulatory bodies, so these 2 disadvantages do not make it so reliable for an economy to depend on it.
But apart from the disadvantages or advantages, the most important thing here is the fact that it is already another country that has woken up and has decided to join the cryptocurrency movement, abandoning to a great extent the fiat currencies that only generate devaluation and misery.
Now, it remains to be seen what the current government will do to see if it will overturn the decree and continue to implement its prohibitions against cryptocurrencies or if it will now see a positive change in the economy and go ahead with plans to convert the USDT as legal tender.
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