Myanmar's National Unity Government to take over Aung San Suu Kyi announced that it will set USDT as the official currency

In the early morning of February 1 this year, the Myanmar Defense Forces overthrew the government of the National League for Democracy, which won a majority in the Myanmar parliamentary elections in 2020. A few hours after the coup, the Myanmar National Defence Force declared that Myanmar had entered a one-year state of emergency and stated that power had been transferred to the commander-in-chief of the Myanmar National Defence Force Min Aung Lai. At the same time, the Myanmar State Counsellor Aung San Suu Kyi, President Win Min, etc. were arrested. Several cabinet members.

According to "Bloomberg", the National Unity Government (NUG) established by Aung San Suu Kyi’s supporters, Finance Minister Tin Tun Naing announced on Sunday that the National Unity Government officially accepted Tether as the official currency for local use to simplify and speed up the current situation. Trade, service and payment system.

After the coup, NUG is a coalition formed in April this year by members of the parliamentary elections in the 2020 Myanmar parliamentary elections, members of ethnic minorities and leaders who advocate democracy. Although they do not control the territory of Myanmar or hold positions of power, the organization announced in May that the People’s Defense Force was established to launch an armed revolution against the military government; the military government also announced that NUG was classified as a terrorist organization, leading to conflicts between the two The battle escalated.

Use Tether for fundraising?

The report mentioned that NUG recently raised US$9.5 million in the first 24 hours by selling bonds known as the Special Treasury Bond of the Spring Revolution to Burmese diasporas around the world to help overthrow the military government led by the coup leader. At this time, the announcement of the use of Tether may be to strengthen the fundraising power through the convenient and fast transaction characteristics of cryptocurrency.

NUG aims to raise $1 billion through the sale of bonds. Last week, NUG stated that these bonds will be sold in Myanmar soon, and even plans to appoint representatives in different countries to help with the sales; the Myanmar military government now claims that this violates the anti-terrorism law.

On the other hand, the use of Tether also highlights its resistance to the Central Bank of Myanmar. According to the Myanmar Times, the central bank of the country issued a notice in mid-May stating that financial institutions cannot agree to or assist in the trading of digital virtual currencies. Although there are no clear regulations, the central bank said that buying and selling such assets could result in years of imprisonment or huge fines.

Myanmar military coup

After the coup took place in February, protests against the military coup broke out across Myanmar, and the Myanmar military took tough measures to suppress the demonstrators. According to Wikipedia statistics, as of October 21, 2021, a total of 1,181 people (including demonstrators and bystanders) have died as a result of the series of events triggered by the military coup, including 45 minors younger than 18 years old.

In response to the military coup in Myanmar, the United Nations Security Council issued multiple statements, strongly condemning the military government’s strong suppression of demonstrators. On June 18, the United Nations General Assembly also passed a resolution condemning the Myanmar coup and calling on all UN member states to prevent the influx of weapons. Myanmar, at the same time, requires the Myanmar military to respect the results of the November 2020 general election and release Aung San Suu Kyi and others, but it still does not seem to be of much help to the local area.

According to a report by "Reuters" last month, despite international pressure, the military insisted not to allow the Association of Southeast Asian Nations special envoy to meet with Aung San Suu Kyi. Myanmar Deputy Prime Minister Soe Win even criticized the move as illegal, saying: Let foreign countries People come into contact with domestic criminals, which is inconsistent with the current domestic laws.

To make matters worse, in recent months, guerrilla warfare in various parts of Myanmar has gradually increased, resulting in the people being forced to live in uneasy lives under the turmoil and the epidemic.