Source: AdobeStock / RuskaDesign
Myanmar's shadow government has recognized Tether (USDT) as its official currency – and plans to use the stablecoin to raise funds for a campaign against the country's military government.
Myanmar's National Unity Government (NUG), formed by supporters of ousted Prime Minister Aung San Suu Kyi, is coming to terms with tether following a decision by Myanmar's central bank in May to declare cryptocurrencies illegal. Violators face the threat of imprisonment and financial penalties, according to Bloomberg.
Shadow Finance Minister Tin Tun Naing said opposition groups will use the stable currency “for domestic use to streamline and accelerate the current trade, services and payments system.
Politicians in exile were ousted last February when Burma's armed forces, led by senior general Min Aung Hlaing, were detained and subsequently replaced by military-backed officials.
The coup has prompted many of Myanmar's residents to bet their financial future on cryptocurrencies.
"I know that sooner or later the local currency will be devalued significantly, and even if cryptocurrencies are not adopted on a large scale, I think [this] will happen." A Burmese male in his 20s told local broadcaster PBS World Thailand.
“If people can see the potential of a decentralized currency that allows them to better protect their investments and participate in the global economy while not having to rely on corrupt governments, then it could be widely adopted,” he said.
Collecting Tether donations will provide NUG with an additional source of revenue to fund its fight against the Burmese military government.
The NUG recently raised about $9.5 million in the first 24 hours of selling what it called the Spring Revolution Special Treasury Bond. The direct loan instrument was sold to Burmese expatriates around the world to help restore democracy to the embattled Southeast Asian nation.
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