Myanmar’s shadow acting government NGU (the National Unity Government) which was ousted by the Burmese military earlier this year, has accepted USDT as their official currency.
In a facebook post the shadow government’s department of Ministry of Planning, Finance and Investment – NUG announced that onwards the country is going to trade in USDT for inter-country transactions.
Myanmar is undergoing a civil war as a coup d’état in Myanmar took place on the 1st February 2021, when the dramatically elected members of the ruling party National League for Democracy (NLD) party, were deposed by the Tatmadaw—Myanmar’s military.
The “Move” has been made to pull in the national funding agenda which aims to raise $1 billion.
NUG Finance Minister Tin Tun Naing said,
Tether will be a tool for “domestic use to make it easy and speed up the current trade, services and payment systems,”
The program has been initiated by NUG officials as “Spring Revolution Special Treasury Bonds” fundraiser and the figure has risen to $9.5 million in just a 24-hour period. These bonds are made accessible to Burmese all over the world. The Aung San Suu Kyi support group NUG raising this fund to retake the government from the military regime that ousted them in February this year.
Early in May, the government banned any use of cryptocurrencies in any form or shape. The NUG support group has switched to USDT to make the payments faster on a much faster rate and undermine the ban.
Initially they did not reveal that the USDT is going to be their mode of fund raiser, seeing its stability they might have decided that.
It looks like the NUG administration was in a haste and it comes at the toughest time of stablecoins when on the one hand, the US government is going to take stern action to regulate the stablecoins and the other has already imposed sanctions on Myanmar, China and North Korea. The move is also seen as detrimental as the US might ignore Aung San Suu Kyi’ and her support group NUG’s efforts to regain control.