Myanmar's Clandestine Regime Designates Tether as Legitimate National Tender
In a bold move, the National Unity Government (NUG) of Myanmar, a coalition of pro-democracy organizations and parliamentarians ousted by a military coup earlier this year, has declared stablecoin Tether as the nation's official currency. This decision, aimed at overthrowing the present military dictatorship, comes amidst a flurry of fundraising activities and growing concerns over privacy and the regime's seizure of funds.
Aung San Suu Kyi, the former state counsellor of Myanmar and current leader of the NUG, is imprisoned with a 2-year jail sentence. The European Union has officially acknowledged the NUG as the country's sole legitimate representative.
The NUG's finance minister, Tin Tun Naing, has stated that Tether will be used for domestic purposes to ease and speed up trade, services, and payment systems. This move is part of the NUG's continuing fundraising campaign, which has seen the sale of "Spring Revolution Special Treasury Bonds" to Myanmar's migrant communities worldwide. The sales were temporarily halted due to overwhelming demand until December 6, but little information about the amount raised since then is available.
El Salvador, on the other hand, adopted Bitcoin as legal tender earlier this year, a move that was met with a lot of criticisms. However, in Myanmar, the kyat, the country's official currency, has lost nearly 60% of its value against the dollar since the start of September. The Myanmar Central Bank under the military regime has declared all digital currencies illegal, threatening offenders with jail sentences and fines.
It's important to note that there is no publicly available evidence that Myanmar has officially recognized Tether as a stablecoin, nor does a date of such a declaration appear in the current information. Meanwhile, a Japanese financial services agency has announced plans to limit stablecoin issuance to banks and wire transfer providers in 2022 to protect consumers from the risks that asset-backed stablecoins like Tether pose.
The NUG, however, continues to operate without power or control over any territory in Myanmar. The kyat, Myanmar's current official currency, remains invalid according to the NUG. The adoption of Tether as an official currency for local use in Myanmar, therefore, presents a significant step in the NUG's efforts to challenge the present regime and restore democracy in the country.
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