A parallel government that is led by supporters of Aung San Suu Kyi, the ousted leader of Myanmar, has recognized Tether as an official currency for local use following a fundraising campaign that wants to topple the military regime.
The National Unity Government is now officially accepting Tether for “domestic use to make it easy and speed up the current trade, services and payment systems,” declared Tin Tun Naing, the NUG Finance Minister on Sunday.
This highlights the defiance of the group against the Central Bank of Myanmar, which made all crypto illegal in May 2020 with anybody caught using it being prone to fines or imprisonment.
The decision to use crypto comes just weeks after NUG managed to raise $9.5 million in the first 24 hours from a sale known as “Spring Revolution Special Treasury Bonds,” aimed at the Myanmar diaspora, that wants to help get rid of the current government which is ruled by Min Aung Hlaing.
The sales had to be stopped for a week as a result of high demand.
The NUG wants to raise $1 billion from bond selling and is focusing on Tether since it can be traded peer-to-peer and allows more privacy for its users.