The Shadow Government Of Myanmar Declares Stablecoin USDT Official State Currency

2021-12-13 23:59:50

The shadow government in Myanmar, the National Unity Government (NUG), declared USDT stablecoin the official state currency.

Consequently, this means that the currency will be available for use throughout the country. According to the Ministry of Finance of NUG, the main reason for this decision is to improve the overall payment situation in Myanmar.

We choose USDT stablecoin for domestic use to make it easy and speed up the current trade, services, and payment systems.Ministry of Finance - NUG

The idea behind this decision is to efficiently raise funds in order to go after the current military government in the country.

And this is only after the ‘Spring Revolution Special Treasury Bonds’ campaign where the shadow government in Myanmar raised $9.5 million via donations from across the world.

Consequently, the end goal of NUG is to raise at least $1 billion via selling NUG bonds. The worrying part is that this decision is a direct challenge to the crypto ban that the Central Bank of Myanmar issued in May 2020.

Aside from the fact that NUG declared USDT stablecoin an official currency, the situation in Myanmar is still dire and unpredictable. Especially with the constant news about human rights violations, which can even lead to a potential civil war.

Consequently, several countries around the world have recognized the NUG as the official government in Myanmar.

This includes the European Parliament and the French Senate as well. However, the world is waiting to see how the United States will react, and whether they will officially recognize the NUG government.

Even more since the leader of the NUG, Aung San Suu Kyl is currently in jail. And considering that he practically runs the country from behind bars. All in all, one thing is certain. Myanmar will have a turbulent 2022.

 

 

 

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