Myanmar’s National Unity Government accepted the largest stablecoin Tether (USDT) for internal use.
The Burmese government in exile was formed in 2021, by those who are against the current regime and support the arrested Aung San Suu Kyi, who previously was State Counsellor of Myanmar. NUG published the paper on Facebook. Politician, Minister of Finance of NUG, Tin Tun Naing said that by accepting USDT, financial services will become more efficient.
USDT is backed by the US dollar. Currently, it is the fourth largest cryptocurrency with a market cap of over $76.5 billion.NUG is against the military corps of the country, which in its turn says that the shadow government isn’t legal. Junta started to rule the country this year.
It's important to note that in 2020, Myanmar’s financial regulator said that crypto assets are not legal and banned banks from providing crypto services. NUG's move to make USDT its currency is an act of opposition.
As Bloomberg reported, USDT will be accepted in NUG’s current funding, the purpose of which is to overturn the government of junta and score $1 bln. In November, NUG raised $9.5 M in a day. It aims to achieve international recognition.