[Blockchain Today Correspondent Han Ji-hye] The Myanmar National Unity Government has declared the U.S. dollar-based stablecoin Tether (USDT) as the official currency for local use. The National Unity Government is a democratic camp in Myanmar led by supporters of the imprisoned Aung San Suu Kyi.
According to a Bloomberg report by Cointelegraph on the 13th (local time), the Myanmar National Unity Government has embraced Tether for its ongoing fundraising campaign to overthrow the current military regime. It also raised $9.5 million by selling ‘Spring Revolution Special Treasury Bonds’, which are provided to Myanmar diasporas around the world. The group aims to raise $1 billion through the sale of national government-issued bonds.
The Ministry of Strategy and Finance of the National Unification Government made an announcement regarding the move on Facebook on the same day.
The government’s decision to make Tether the official currency is in opposition to the cryptocurrency ban imposed by Myanmar’s central bank in May last year.
The integration of Tether as the official currency for local use was triggered by privacy concerns and the seizure of funds in the current system. “The main reason for the integration of Tether is to make and speed up the current transaction, service and payment system,” the Finance Minister of the National Integration Government said.
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