After starting a campaign to overturn the military regime, Aung San Suu Kyi’s followers created a parallel government that recognized Tether as official money.
Following the onset of fundraising for a campaign to overthrow Myanmar‘s military regime, a parallel government led by supporters of ousted leader Aung San Suu Kyi recognized Tether as an official currency for local use.
The NUG will accept Tether for its ongoing fundraising campaign to overthrow Myanmar’s current military regime, according to a Bloomberg report. The shadow government also raised $9.5 million by selling “Spring Revolution Special Treasury Bonds” to the Myanmar diaspora worldwide. The group hopes to raise $1 billion by selling bonds issued by NUG.
On December 13, the NUG Ministry of Planning, Finance, and Investment published a Facebook announcement about the move.
The NUG’s decision to make Tether an official currency undermines the Central Bank of Myanmar’s crypto ban, which was enacted in May of last year.
Privacy concerns and the current regime’s seizure of funds prompted the adoption of Tether as an official currency for local use. The primary reason for Tether’s incorporation, according to the NUG Finance Minister, is “domestic use to make it easy and speed up the current trade, services, and payment systems.”
In October 2021, the French Senate and the European Parliament recognized NUG as Myanmar’s official government; however, the United States has made no such move. The NUG’s decision to accept and use Tether stablecoin could spark debate among nations, particularly as the US government considers enacting strict stablecoin issuance policies.