Myanmar shadow government approves use of Tether as official currency

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

Myanmar’s shadow government said it would allow the use of the world’s largest stablecoin, Tether, as an official currency, potentially making it easier for it to raise funds and make payments.

The National Unity Government (NUG), which comprises pro-democracy groups and remnants of Myanmar’s civilian administration that was overthrown in a military coup earlier this year, has been seeking to raise funds for its “revolution” to topple the ruling military government.

The military government has outlawed the NUG and designated it a “terrorist” movement.

Tin Tun Naing, NUG’s minister in charge of planning, finance, and investment, said in a December 11 Facebook post that the NUG would officially recognize USD Tether, which he said would enable better and faster transactions.

Tether can be transferred in a similar way to other cryptocurrencies like Bitcoin, making it hard for governments and other authorities to track or prevent payments.

However, its value is officially pegged to the US dollar and so remains stable, unlike most other cryptocurrencies.

SOURCE: NEWS AGENCIES