Adaptation news by far. Because while the ruling military dictatorship has banned cryptocurrencies, the opposition movement has chosen Tether (USDT) as the official currency.
Since the military coup on February 1, 2021, conditions similar to civil war have prevailed in Myanmar. To finance its ongoing resistance to the military junta, the opposition Government of National Unity (NUG) recognized the stablecoin (USDT) as the official currency.
NUG Finance Minister Tin Tun Naing recently announced the decision to use Tether via Facebook. There he suggested Tether for “home use” “to simplify and speed up current commerce, service and payment systems.” The Post does not provide further details, but it can be assumed that the NUG is looking for secure and private payment systems that are not subject to the supervision of the military regime and its central bank.
With Tether against the military dictatorship of Myanmar
The NUG sees itself as the only legitimate representation of the people of Myanmar. This parallel government grew out of a fusion of democratic forces close to the imprisoned Nobel Peace Prize winner Aung San Suu Kyi. After years of peaceful resistance against the then military government, Suu Kyi played a decisive role in the democratization process in Myanmar. More recently, she was the de facto head of government. After the military regained power in February, Suu Kyi is under house arrest. Since then, the junta has been brutal against protesters. More than 1,000 people have died in the Southeast Asian state in ongoing protests.
The fight against the junta, however, must be funded. Therefore, the NUG sells so-called “Spring Revolution Special Government Bonds” to Myanmar citizens abroad. According to Bloomberg the shadow government received $ 9.5 million from the sale in 24 hours. It is unclear how much money the bonds have invested in the NUG’s coffers since then, but the target amount is US $ 1 billion.
It is not entirely clear whether the NUG’s acceptance of Tether is related to the sale of the bonds. However, this cannot be ruled out. The NUG also plans to offer the bonds for sale within Myanmar soon. Decentralized cryptocurrencies seem to be the right choice for such transactions. With its focus on tethering, the NUG continues to oppose Myanmar’s central bank. Under the supervision of the military government, it banned the trading and possession of all cryptocurrencies in May.
The NUG has been recognized by the EU Parliament as the official government of Myanmar. However, this does not imply any financial support. A few days ago, Britain and the United States imposed new sanctions against the ruling military regime.
In this post there are affiliate links that help us continue to offer our journalistic content for free. If you make a purchase through one of these links, BTC-ECHO receives a commission. This does not affect editorial decisions.