After spending over a decade under house arrest, Aung San Suu Kyi held office in Myanmar from 2016 until February when she was ousted. Recently, she has been sentenced to two years in prison for allegedly inciting dissent against military rule.
Tether, the cryptocurrency company, has asserted that it has enough reserves to support its $77 billion worth of digital coins. However, skeptics argue that Tether has yet to provide evidence to substantiate this claim.
In relation to statements made by the company suggesting that its cryptocurrency was fully backed by dollar reserves, the firm was compelled to pay $41 million to US authorities. Nevertheless, Tether has never admitted any wrongdoing.
Central banks have expressed concerns about stablecoins, which lack transparency and regulation. They worry that these coins have the potential to destabilize cryptocurrency markets and lead to significant losses for retail investors if one were to collapse.
The Financial Stability Board, an international organization established to coordinate bank regulation following the financial crisis, has called for stablecoins to be subject to formal regulation similar to banks. This would require them to support their digital coins with tangible assets.
Following in the footsteps of El Salvador, which made Bitcoin a legal currency in September, the opposition in Myanmar has chosen to adopt a cryptocurrency as its official tender. However, there are concerns about the use of digital coins for illicit activities such as facilitating crime on the dark web and circumventing sanctions.
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