Myanmar shadow government declares stablecoin USDT an official currency

Myanmar's shadow government, the
National Unity Government (NUG), led by
the supporters of jailed leader Aung San
Suu Kyi, has declared U.S. dollar-based
stablecoin Tether (USDT) as an official
currency for local use.
As per a report published in Bloomberg,
the NUG will accept Tether for its ongoing
fundraising campaign seeking to topple
the current military regime in Myanmar.
The shadow government also raised $9.5
million through the sale of "Spring
Revolution Special Treasury Bonds"
offered to the Myanmar diaspora across
the world. The group aims to raise $1
billion through the sale of NUG-issued
bonds.
The NUG Ministry of Planning, Finance,
and Investment posted an
announcement regarding the move on
Facebook on Dec. 13.