Hong Kong: Shadow Government Myanmar said it would allow the use of Stablecoin, the largest tether in the world, as an official currency, potentially made it easier to raise funds and make payments.
The National Unity Government (NUG), which consisted of pro-democracy groups and the remnants of Myanmar’s civilian government which was overthrown in the military coup earlier this year, has tried to raise funds for “revolution” to drop the ruling military junta.
CryptocurrencyLivethe Junta has forbidden nug and establishes “terrorist” movement.
Tin Tun Naing, Minister Nug who is responsible for financial and investment planning, said that on Facebook post December 11, Nug will officially recognize the USD The Bember and this will allow better and faster transactions.
Tether can be transferred in a way similar to other cryptocurrency such as Bitcoin which makes it difficult for the government and other authorities to track or prevent payment.
However, the value was officially pegged on the US dollar and remained stable, unlike most other cryptocurrency.
Tether has a market value of $ 76 billion, and follows criticism and suspicion about the value of assets that support Stablecoin, the company – also called Tether, publishes regular reports by the reserve auditor.
Since the coup, Myanmar’s banking and financial system has become a chaos because the opposition group tries to inhibit military efforts to consolidate power by encouraging people not to pay taxes and to join protests, army campaigns and boycott and boycott.
National lottery.
Meanwhile Nug was turned off from official access to finance, and last month began selling bonds, most of the citizens of Myanmar abroad to raise funds.
In the months after the coup, Bank Myanmar runs out of cash, and the local currency, Kyat drops more than 60%.
Advocates of the monitor said the use by Nug underlined the advantages of the payment method that was difficult for the authorities to track.
However, Stablecoins has been under supervision by financial regulators in developed countries, some for the same reason, because they are afraid of its widespread use in non-regulated environments can damage financial stability.
Myanmar Shadow Govt Approved the Use of Stablecoin Tether
