Myanmar’s shadow government adopts stablecoin crypto as official currency

Myanmar’s parallel government opposing the military junta, the National Unity Government (NUG), has recognised crypto currency Tether as an official currency for local use in order to “speed up the current trade, services and payment systems,” Bloomberg News cited NUG Finance Minister Tin Tun Naing as saying in a Facebook post on December 12.

Tether is a crypto currency pegged to the US dollar, a “stablecoin” avoiding the high price swings of other crypto currencies such as Bitcoin or Ether since its value is always 1:1 and thus it can be used as a digital US dollar proxy and be traded through peer-to-peer venues that allow users more privacy.

The adoption of Tether is part of efforts by the NUG to build up a financial structure competing with the junta’s business ecosystem. It includes fundraising through bonds and crowdfunding for a campaign that seeks to topple the military regime.

Opposing the Central Bank of Myanmar stance on cryptos

NUG’s cryptocurrency adoption also underscores its defiance against the Central Bank of Myanmar’s policy to declare all digital currencies illegal, with violators threatened to be fined or even imprisoned.

Steering towards cryptocurrencies comes weeks after the NUG raised $9.5 million in the first 24 hours from a sale of what the group now calls “Spring Revolution Special Treasury Bonds” to the Myanmar diaspora across the world to help topple the current government headed by coup leader Min Aung Hlaing.

The NUG aims to raise $1 billion from the sale of the bonds, which the junta says “violates counterterrorism laws.”



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Myanmar’s parallel government opposing the military junta, the National Unity Government (NUG), has recognised crypto currency Tether as an official currency for local use in order to “speed up the current trade, services and payment systems,” Bloomberg News cited NUG Finance Minister Tin Tun Naing as saying in a Facebook post on December 12. Tether is a crypto currency pegged to the US dollar, a “stablecoin” avoiding the high price swings of other crypto currencies such as Bitcoin or Ether since its value is always 1:1 and thus it can be used as a digital US dollar proxy and be...

Myanmar’s parallel government opposing the military junta, the National Unity Government (NUG), has recognised crypto currency Tether as an official currency for local use in order to “speed up the current trade, services and payment systems,” Bloomberg News cited NUG Finance Minister Tin Tun Naing as saying in a Facebook post on December 12.

Tether is a crypto currency pegged to the US dollar, a “stablecoin” avoiding the high price swings of other crypto currencies such as Bitcoin or Ether since its value is always 1:1 and thus it can be used as a digital US dollar proxy and be traded through peer-to-peer venues that allow users more privacy.

The adoption of Tether is part of efforts by the NUG to build up a financial structure competing with the junta’s business ecosystem. It includes fundraising through bonds and crowdfunding for a campaign that seeks to topple the military regime.

Opposing the Central Bank of Myanmar stance on cryptos

NUG’s cryptocurrency adoption also underscores its defiance against the Central Bank of Myanmar’s policy to declare all digital currencies illegal, with violators threatened to be fined or even imprisoned.

Steering towards cryptocurrencies comes weeks after the NUG raised $9.5 million in the first 24 hours from a sale of what the group now calls “Spring Revolution Special Treasury Bonds” to the Myanmar diaspora across the world to help topple the current government headed by coup leader Min Aung Hlaing.

The NUG aims to raise $1 billion from the sale of the bonds, which the junta says “violates counterterrorism laws.”



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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