Myanmar’s shadow government has said it would allow the use of the world’s largest stablecoin, Tether, as an official currency, potentially making it easier for it to raise funds and make payments.
The National Unity Government (NUG), which comprises pro-democracy groups and remnants of Myanmar’s civilian administration that was ousted in a military coup earlier this year, has been seeking to raise funds for its “revolution” to topple the ruling military junta.
The junta has outlawed the NUG and designated it a “terrorist” movement.
FINANCING
Tin Tun Naing, the NUG’s minister in charge of planning finance and investment, wrote on Facebook on Saturday that the NUG would officially recognize US dollar Tether, which would enable better and faster transactions.
Tether can be transferred in a similar way to other cryptocurrencies such as bitcoin, making it hard for governments and other authorities to track or prevent payments.
STABLE CURRENCY
However, its value is officially pegged to the US dollar and so remains stable, unlike most other cryptocurrencies.
Tether has a market value of US$76 billion, and following criticism and suspicion about the value of the assets underpinning the stablecoin, the company — also called Tether, publishes regular reports by auditors of its reserves.
Since the coup, Myanmar’s banking and financial system has been in turmoil as opposition groups try to stifle the military’s efforts to consolidate power by encouraging people not to pay taxes and to join protests, a civil disobedience campaign and boycotts of army-linked businesses and a national lottery.
Meanwhile, the NUG is shut off from official access to finance.
Last month, it began selling bonds largely to Burmese nationals overseas to raise funds.
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