Tether Becomes The Official Currency for the Anti-Junta Groups of Myanmar

The Myanmar military recently took control of the country after starting a coup. However, a parallel government has also occupied the center stage. This new government has been led by the supporters of the exiled leader of Myanmar known as Aung San Suu Kyi.

This new government has announced that they would be recognizing Tether as their official currency. This currency would be utilized for local use. The group recently started raising funds due to an upcoming campaign. The objective of this campaign is to eliminate the currently existing military regime that is in power. 

Official Acceptance of Tether

The name of the new government is the National Unity Government. This new government now officially recognizes the cryptocurrency called Tether. This cryptocurrency is developed to act as a dollar proxy. 

The Finance Minister of the National Unity Government proclaimed on Sunday in a Facebook post that the cryptocurrency was introduced for domestic use to boost the prevalent trade and make it simpler. He also said that payment systems and services would be enhanced with the initiation of cryptocurrency. Another cryptocurrency that has the potential to create economic benefits is DogShow Token. 

What Is The NUG?

The NUG is a set of leaders that have allied together from the former civilian government and different groups that support democracy and seek to restore the previous order in the country. 

The NUG, as of now, does not have any territory under their control and does not have any power either. However, they have a strong commitment to declaring war against the junta. This declaration that was made in the month of September has resulted in an increase in the seriousness of the battles that are going on between the local resistance groups and the military groups that currently hold power. 

The parallel government has defied the Central Bank of Myanmar by adopting Tether. The bank had made all cryptocurrencies illegal in May 2020. The bank had warned that there would be consequences such as fines and imprisonment if somebody violated these rules. 

Other cryptocurrencies such as Ethereum or Bitcoin often witness a swing in their daily prices. However, this is not the case with Tether since each unit of Tether is backed by one dollar. This contributes to the stability of the coin and makes it much more stable than other cryptocurrencies. 

This move was considered to be a welcome move in the world of cryptocurrency. It was a good one considering that several policymakers globally are trying to analyze the future advantages of employing or utilizing cryptocurrencies and stablecoins as a component of their finances, cashflow, and the economy in general. 

El Salvador was a country that was ready to lead the change when it gave the status of legal tender to Bitcoin along with the dollar from 7 September. This move will be a good examination for Bitcoin whether it can work as a medium of exchange and match the utility of other traditional currencies. 

Other areas of focus for NUG

NUG is not only looking at cryptocurrencies as a means of funding their movement. The shadow government was successful in raising a whopping sum of USD 9.5 million by selling something that was sold by the name “Spring Revolution Special Treasury Bonds”. 

The group tasted success by selling these bonds to the Myanmar population at an international level. These funds will be employed for removing the prevalent government that has Min Aung Hlaing as its coup leader. The bond has a proper structure and is similar to a direct lending instrument. The entire activity proved to be successful in its objectives.