Myanmar shadow government approves crypto currency as official currency | Cryptography

The National Union government says it will allow the use of Tether while trying to fund a “revolution” against the military government.

Myanmar’s shadow government said it would allow the world’s largest stable currency, the Tether, to be used as its official currency to facilitate fundraising and payments.

The National Union Government (NUG), made up of pro-democracy groups and the remnants of Myanmar’s civilian administration, were killed in a military coup earlier this year. his “revolution” to raise money to overthrow the military government.

The military government has outlawed the NUG and called it a “terrorist” movement.

Tin Tun Naing, head of planning, finance and investment at NUG, said in a December 11 Facebook post that the NUG would officially recognize USD Tether, which would allow for better and faster transactions.

Tether can be transferred to other cryptocurrencies like Bitcoin, making it difficult for governments and other authorities to track or prevent payments.

However, its value is officially pegged to the US dollar, so it remains stable, unlike most other cryptocurrencies.

Financial stability

Tether has a market value of $ 76 billion, and following criticism and suspicions about the value of the assets on which Stablecoin is based, the company, also known as Tether, publishes reports of its reserve auditors.

In the wake of the coup, Myanmar’s banking and financial system has been in turmoil as opposition groups try to stifle the army’s efforts to consolidate power by urging people not to pay taxes, as well as protests, civil disobedience campaigns and military-related boycotts. businesses and the national lottery.

Meanwhile, the NUG is closed to official access to government funds, and began selling bonds last month, largely to raise funds abroad for Myanmar citizens.

In the months following the coup, Myanmar’s banks ran out of money, and the local currency, the kyat, fell by more than 60 percent.

Proponents of her case have been working to make the actual transcript of this statement available online.

However, stable currencies have been examined by financial regulators in developed economies, partly for the same reason that their use in an unregulated environment may undermine financial stability due to a relative lack of transparency.