Myanmar’s shadow government, which recently came to power after overthrowing the country’s civilian administration, has declared Tether as an official currency, in an effort to raise much-needed funding.
According to a Bloomberg report, the National Unity Government (NUG), which consists of exiles from the previously ousted civilian government and other pro-democracy groups, has announced that the world’s largest stablecoin can be used domestically for trade, services, and payment systems. Back in September, the NUG declared war against the junta, which is led by military leaders; however, the shadow government does not actually occupy a position of power or oversee any territory in Myanmar.
The adoption of Tether marks a significant defiance against Myanmar’s central bank, which last year outlawed all digital currencies. Unlike mainstream cryptocurrencies such as bitcoin and ethereum, Tether is not as volatile, as it is supposedly pegged one-for-one to the US dollar.
Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.