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While El Salvador set the record for being the first country to adopt Bitcoin (BTC) as legal tender, Myanmar’s shadow government isn’t too far behind. The National Unity Government (NUG) recently declared Tether (USDT) as an official currency for local use.
The NUG is hopeful that using the world’s largest stablecoin as an official currency could potentially make it easier for it to raise funds and make payments, according to Aljazeera.com. Led by Aung San Suu Kyi, the shadow government consists of pro-democracy groups and the remnants of Myanmar's civilian administration that was ousted earlier this year in a military coup.
The NUG has been seeking to raise funds to help it topple the ruling military regime. The group was able to raise $9.5 million through the sale of “Spring Revolution Special Treasury Bonds” and is targeting to raise $1 billion through the issuance of NUG bonds.
The decision to officially recognize USD Tether as currency was made by Tin Tun Naing, NUG’s Minister of Planning, Finance, and investment. In a post on Facebook on Monday, the minister explained that doing so will enable better and faster transactions.
The move to make Tether an official currency will undermine the crypto ban imposed by the Central Bank of Myanmar last year, according to Cointelegraph. The NUG has been outlawed by the military government and has been designated as a “terrorist” movement.
The French Senate and the European Parliament recognized the NUG as the official government of Myanmar in October 2021. However, the United States has not made any official stance on the issue.
Pegged to the U.S. dollar, the stablecoin Tether is less volatile than other cryptos such as Bitcoin (BTC) and Ether (ETH), which makes it more suitable for payments. Currently, it is the fourth biggest cryptocurrency with a market cap of over $76 billion based on Coinmarketcap data.
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