Thursday, January 27, 2022

Myanmar’s shadow government declares Tether as an official currency.

The Takeaway:

Myanmar's shadow government, led by the supporters of ousted leader Aung San Suu Kyi, has declared stablecoin Tether as an official currency.

ADVERTISEMENTKillerlaunch domains

According to the Bloomberg report, a parallel government led by the supporters of Myanmar’s ousted leader Aung San Suu Kyi declared Tether as an official currency for local use after the group began fundraising for a campaign that seeks to topple the military regime. The National Unity Government officially accepts stablecoin backed by the US dollar 1:1 Tether for “domestic use to make it easy and speed up the current trade, services, and payment systems,” NUG Finance Minister Tin Tun Naing said Sunday in a Facebook post.

 

The NUG is an alliance of leaders from the ousted civilian government.

The NUG is an alliance of leaders from the ousted civilian government and pro-democracy groups. While they don’t control territory or hold positions of power in Myanmar, the group had declared war against the Junta in September, escalating battles between the military regime and local resistance groups. The shadow government’s cryptocurrency adoption underscores its defiance against the Central Bank of Myanmar, which decreed all digital currencies illegal in May last year and threatened imprisonment and fines to any violators. 

 

The NUG raised $9.5 million in the first 24 hours from special treasury bonds.

The NUG is looking beyond cryptocurrencies to raise funds. The group raised $9.5 million in the first 24 hours from a sale of what has been marketed as the “Spring Revolution Special Treasury Bonds” to the Myanmar diaspora globally to help topple the current government headed by coup leader Min Aung Hlaing. The bond appears to be structured like a direct lending instrument. The sales were stopped for a week until Dec. 6 due to high demand, and there has been little detail on how much has been raised so far. The NUG also plans to appoint representatives in different countries to help with the sales of these bonds.

ADVERTISEMENTBtrz jokerbtc 728x90 en

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave A Reply

Please enter your comment!
Please enter your name here