The Government of National Unity announced on Facebook that it now accepts USDT.
Myanmar’s shadow government, the National Unity Government (NUG), made up of supporters of ousted leader Aung San Suu Kyi, has recognized the tether stablecoin (USDT) as its official currency, according to Bloomberg on Monday.
NUG Finance Minister Tin Tun Naing said on Facebook that the NUG will now accept dollar-pegged USDT for “internal use to facilitate and expedite trade, services and payment systems.”
Although the NUG has no official power, in September it declared war on the Myanmar junta, a government led by military leaders. The junta came to power earlier this year in a military coup.
In May 2020, the central bank of Myanmar declared all digital currencies illegal. Thus, NUG’s switch to tether looks like an act of defiance.
Despite the absence of the sharp price fluctuations typical of cryptocurrencies such as Bitcoin and ether, tether has nevertheless long been frowned upon due to the opaque dollar reserves that back it up.
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