Myanmar

As crypto markets are tanking, traders get some welcomed good news - from an unlikely source. Myanmar's shadow government made Tether its official currency. The National Unity Government, which holds no real political power, stated that it accepts stablecoin Tether. Formed after former leader Aung San Suu Kyi's ousting in February, the group stands in opposition to the military junta. Former government officials that the Junta deposed and pro-democracy groups make up NUG. The shadow government holds no territory. However, they…

As participants in the cryptocurrency space are clamoring for wider adoption of cryptocurrencies and blockchain technology, as well as regulations to govern the space, some governments have taken steps in that direction, some are considering it while others still seem uninterested. According to the Central Bank of Myanmar (CBM), cryptocurrencies are not recognized as an official currency and imprisonment or fine is waiting for anyone caught trading digital assets. The new development was revealed by the Myanmar Times on May 20, noting…