The country’s anti-war leadership wants to simplify the work of trade, service and payment organizations.
Myanmar’s alternative government has recognized the stablecoin Tether as the country’s official currency, Bloomberg reports, citing a statement from the Government of National Unity (NUG).
It is assumed that the public will be able to use USDT tokens “for domestic payments to facilitate trade, services and payment systems,” NUG Finance Minister Tin Tun Naing said in a Facebook post. Other details on the topic were not reported.
In October, the NUG announced a fundraiser to overthrow the country’s military regime, Bloomberg also reported. In November, the Government of National Unity raised $9.5 million through the sale of the Spring Revolution Treasury Special Note. Through the bond sale, the opposition leadership plans to raise $1 billion.
Against this backdrop, the USDT token is trading above the $1 average.
Recall that in February last year, a military coup took place in Myanmar. In May, the country’s central bank banned the circulation of cryptocurrencies. The Government of National Unity is recognized as the official government of Myanmar through a decision of the French Senate and European Parliament in October 2021.
Less than 1% of the population in Myanmar owns cryptocurrency, according to TripleA.
Recall that recently the International Monetary Fund (IMF) expressed its opinion on the legalization of bitcoin in the country. According to fund analysts, the El Salvadoran authorities are doing the wrong thing by legalizing the most capitalized cryptocurrency. Experts recommend that authorities strengthen cryptocurrency regulation and set up control over new payment systems.
Read also: Thailand is using cryptocurrencies to combat the impact of the coronavirus.