Myanmar Shadow Government Declares Stablecoin USDT an Official Currency
Industry News
The shadow government of Myanmar, the National Unity Government (NUG), which is run by followers of imprisoned leader Aung San Suu Kyi, has designated Tether (USDT) as an official currency for local use.
According to a Bloomberg article, the NUG will use Tether for its ongoing fundraising effort to overthrow Myanmar’s present military authority. The shadow government also generated $9.5 million by selling “Spring Revolution Special Treasury Bonds” to Myanmar diasporas worldwide. Through the issuance of NUG-issued bonds, the organization hopes to raise $1 billion.
The NUG’s decision to declare Tether an official currency challenges the Central Bank of Myanmar’s crypto prohibition, enacted in May of last year.
Privacy concerns and the present regime’s seizure of assets spurred the adoption of Tether as an official currency for local use. According to the NUG finance minister, Tether’s adoption is primarily for “domestic usage to speed up the present commerce, services, and payment systems.”
Despite the fact that NUG has no formal power, in September it declared war on Myanmar’s junta, a government dominated by military officers. A military coup brought the junta to power earlier this year.
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