Myanmar’s National Unity Government supporting the detained leader, Aung San Suu Kyi, has acknowledged Tether as the formal currency for local use.
NUG Finance Minister, Tin Tun Naing, says that the stablecoin would speed up trade services and payments systems.
Aung San Suu Kyi sympathizers started a fundraising campaign to rally support against the military government that is currently in place.
The stance by NUG defies the Central Bank of Myanmar’s directive that prohibited all digital currencies in May 2020. The institution also imposed fines and imprisonment for those who violated the policy.
Tether is supported by the dollar in a ratio of 1:1 to cushion against volatility, unlike other cryptocurrencies.
The interest in Myanmar on cryptocurrencies comes after the NUG raised $9.5 million in a day via the sale of a special treasury bond to help topple the military coup leader, Min Aung Hlaing.
Source: BNN Bloomberg