Myanmar’s National Unity Government, a shadow government led by supporters of the jailed leader Aung San Suu Kyi, has declared Tether the official currency.
Source: BNN Bloomberg
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The acceptance of Tether by Myanmar’s NUG happens amid a ban of cryptocurrencies by the country’s central bank last year.
NUG Finance Minister Tin Tun Naing says the acceptance of Tether is meant to ease and speed up transactions in services, trade, and payment systems.
The use of Tether occurs after NUG generated $9.5 million in “Spring Revolution Special Treasury Bonds,” with a focus on helping it to overthrow the coup regime led by Min Aung Hlaing. NUG targets $1 billion in funds with the further sale of bonds.
The acceptance of Tether raises questions as the stablecoin is already facing US government restrictions.
NUG has been recognized as Myanmar’s official government by the European Parliament and the French Senate, although the US is yet to give its stand.