Bloomberg News quoted the NUG Finance Minister as saying that Myanmar’s parallel government opposes the military government, and the National Unity Government (NUG) has recognized the cryptocurrency Tether as the official currency used locally in order to “accelerate the current trade, services and payment systems” Tin Tun Naing said in a Facebook post on December 12. Tether is a cryptocurrency pegged to the U.S. dollar, a “stable currency” that avoids the high price fluctuations of other cryptocurrencies (such as Bitcoin or Ether) because its value is always 1:1 so it can be used as a digital dollar proxy and…
Myanmar’s anti-junta parallel government, the National Unity Government (NUG), has recognized the cryptocurrency Tether as the official currency used locally to “accelerate the current trade, service and payment system”, Bloomberg News Quoting what NUG Finance Minister Tin Tun Naing said in a Facebook post on December 12.
Tether is a cryptocurrency pegged to the U.S. dollar, a “stable currency” that avoids the high price fluctuations of other cryptocurrencies such as Bitcoin or Ethereum, because its value is always 1:1, so it can be used as a digital dollar proxy And transact through peer-to-peer venues that allow users more privacy.
The adoption of Tether is part of NUG’s efforts to establish a financial structure that competes with the military government’s business ecosystem.This includes Fundraising through bonds And to raise funds for a campaign aimed at overthrowing the military government.
Oppose the Central Bank of Myanmar’s stance on cryptocurrencies
NUG’s adoption of cryptocurrency also highlights its contempt for the Central Bank of Myanmar’s policy of declaring all digital currencies illegal, and violators face the threat of fines and even imprisonment.
After NUG sold what is now called the “Spring Revolution Special Treasury Bond” to Burmese diasporas around the world and raised US$9.5 million in the first 24 hours to help overthrow the current government led by the coup leader Min, it turned to cryptocurrency. Anglai.
NUG aims to raise $1 billion through the sale of bonds, and the military government said it “violated the anti-terrorism law.”
