Myanmar parallel government uses Tether to raise funds to overthrow military regime

For Daily EditorBitcoin Myanmar’s shadow government adopts Tether as fundraising currency

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The Republic of the Union of Myanmar, also known as Burma, an Asian nation, bordering Asia and China, which has more than a hundred different ethnicities, is a complex country. And a lot. It has been in political instability since declaring its independence from Great Britain in the middle of the last century.

At present there are in this territory, if you want, two governments: the overthrown and the one in power.

It is worth mentioning that at the beginning of this year there was a coup by the military that took power in Myanmar and delegitimized the democratically elected government of the leader Aung San Suu Kyi. From that moment on, she has been in house arrest and the position was taken from her. Meanwhile, Min Aung Hlaing, chief of staff of the Myanmar Armed Forces, assumed the role of prime minister in an interim government. The military Junta that took power on an interim basis has promised new presidential elections “between this year and 2023.”

In the midst of this conflict, cryptocurrencies somehow entered.

And what about Tether?

As reported Bloomberg, the Government of National Unity (NUG) said through a post by Facebook which now accepts USDT. This shadow government of Myanmar, which It is made up of supporters of the ousted leader Aung San Suu Kyi, has recognized the stablecoin Tether (USDT) as your official currency for transactions and to accept financial support.

The Minister of Finance of NUG, Tin Tun Naing said in a post by Facebook that he NUG will now accept the dollar-compatible stablecoin, USDT, for “Domestic use to facilitate and accelerate commerce, services and current payment systems“.

It is worth noting that the NUG does not have official power, it is a kind of parallel government (something similar to the case of Juan Guaidó, in Venezuela). However, he declared war on the Myanmar junta, a government led by military leaders, in September. That junta came to power earlier this year after a military coup.

The parallel government group began fundraising with Tether for a campaign that seeks to overthrow the military regime.

The NUG doesn’t just look at cryptocurrencies, it says Bloomberg. The group raised USD $ 9.5 million in the first 24 hours of a sale of what has been marketed as the “Special Treasury Bonds of the Spring Revolution” and for this they received the support of the Myanmar diaspora worldwide that seeks to help overthrow the current government headed by the coup leader Min Aung Hlaing. The bond appears to be structured as a direct loan instrument.

Sales were paused for a week until December 6 due to high demand and there have been few details on how much has been raised so far. The NUG also plans to appoint representatives in different countries to help with sales, it says Bloomberg.

Background

In May 2020, Myanmar’s central bank declared all digital currencies illegal. Therefore, the adoption of Tether by NUG appears to be an act of defiance and would not be legal for the government in office.

Remember that the stablecoin Tether It has long been embroiled in a controversy over the opacity of the dollar reserves that back it, although its leaders have defended it.

Sources: Bloomberg, Coindesk, archive

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Myanmar parallel government uses Tether to raise funds to overthrow military regime

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