The Government of National Unity (NUG), led by supporters of Aung San Suu Kyi, the imprisoned leader of Myanmar’s shadow government, announced that they have declared the US dollar-based stablecoin Tether as an official currency.
According to Bloomberg’s report, NUG will accept Tether for its fundraising campaign to overthrow the current military regime in Myanmar.
Tin Tun Naing, NUG’s Finance Minister, said in a Facebook post that “NUG will accept USDT to facilitate and accelerate its existing trade, services and payment systems.”
Although the NUG was recognized as the official government of Myanmar by the French Senate and European Parliament in October 2021, the NUG has no official power in the country.
However, the NUG made a name for itself with the war it launched against the Myanmar junta, which came to power as a result of a military coup in September.
The NUG’s adoption of Ether as its official currency has been interpreted as a challenge to Myanmar’s Central Bank, which in May 2020 outlawed all digital currencies.