Myanmar’s shadow government has approved crypto as a legitimate currency | Crypto

The National Unity Government will allow the use of Tether as it tries to fund the ‘revolution’ against the military government.

The shadow government in Myanmar has said it will allow the use of the world’s largest stablecoin, Tether, as a legitimate currency, which would make it easier for them to earn money and pay.

The National Unity Government (NUG), which includes pro-democracy groups and the remnant of Myanmar government that was overthrown earlier this year, has been demanding collecting money for his “transformation” to overthrow the ruling military regime.

The military has banned the NUG and called it a “terrorist group”.

Tin Tun Naing, NUG’s minister for planning, finance and finance, said in a December 11 Facebook post that NUG would officially recognize USD Tether, which he said could help it perform better and faster.

Tether can be transferred in the same way as other crypto currencies such as Bitcoin, which makes it difficult for governments and other authorities to track or restrict payments.

However, its value is based on the US dollar and remains stable, unlike most cryptocurrencies.

Economic stability

Tether has a market value of $ 76bn, and following criticism and doubts about the value of stablecoin, the company, also known as Tether, publishes steady reports and readers of its stocks.

Since the coup, Myanmar’s banking and financial systems have been in turmoil as opposition groups try to undermine the military’s ability to mobilize power by protesting tax evasion, protesters, protesters, and military strikes. businesses and international lottery.

Meanwhile, NUG has been shut down for government funding, and last month began selling bonds, mainly to Myanmar nationals abroad for cash.

In the months following the coup, Myanmar’s banks went bankrupt, and the country’s currency, the kyat, declined by 60 percent.

Proponents of Tether argue that its use by NUG emphasizes the value of payment methods that are difficult for regulators to comply with.

However, stablecoins have been monitored by financial regulators in developed countries, for some reason for the same reason, for fear that their overuse would undermine economic stability due to their lack of transparency.