Business News Asia
Myanmar’s shadow government, the National Unity Government (NUG), led by its supporter Aung San Suu Kyi, has announced Tether (USDT) as the official stable coin for local use.
The NUG National Unity Government will accept Tether for its ongoing fundraising campaign to overthrow the military regime in Myanmar. The shadow government also raised $9.5 million through the sale of premium treasury bonds. The group aims to raise $1 billion by selling the bonds issued by the NUG.
Adopting Tether as the official currency for local use was prompted by concerns about privacy and funding from the current regime. However, one of the main reasons for its adoption domestically is to make today’s trade, services, and payment systems easier and faster.
In October 2021, the Government of National Unity was recognized by the French Senate and the European Parliament as the official government of Myanmar.
However, the U.S. has not joined this movement. The decision by the NUG to introduce and use stablecoins could become the focal point of discussion between nations, especially at a time when the U.S. government is about to introduce a strict policy on stablecoins.