The Government of National Unity (NUG), the shadow government of Myanmar, led by supporters of the imprisoned leader Aung San Suu Kyi, has announced the U.S. dollar-based stable currency Tether (USDT) as the official currency used locally.
According to published in Bloomberg, NUG will accept Tether for its ongoing fundraising activities to seek to overthrow the current military regime in Myanmar. The shadow government also raised US$9.5 million through the sale of “special treasury bonds for the spring revolution” to Burmese diasporas around the world. The group’s goal is to raise $1 billion through the sale of bonds issued by NUG.
The NUG Ministry of Planning, Finance and Investment posted an announcement on the move on Facebook on December 13.
The NUG’s decision to make Tether the official currency undermined the encryption ban imposed by the Central Bank of Myanmar in May last year.
The inclusion of Tether as the official currency used locally is due to privacy issues and the current regime’s confiscation of funds. The NUG Finance Minister stated that the main reason for the establishment of Tether was “to be used domestically to simplify and accelerate the current trade, service and payment systems.”
NUG is Recognized As the official government of Myanmar by the French Senate and the European parliament However, in October 2021, the United States did not take any step in this direction. NUG’s decision to accept and use Tether stablecoin may become the focus of discussion in various countries, especially in the US government Hope to implement a strict stable currency issuance policy.