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The finance minister of the NUG said that using Tether would enhance efficiency in payments and trade speed.

National Unity Government (NUG), which is Myanmar’s shadow government, has declared that Tether is now an official currency for local use. 

According to a published report in Bloomberg, the NUG will accept Tether for its ongoing fundraising campaign seeking to topple the current military regime in Myanmar. Furthermore, NUG has raised $9.5 million via the sale of “Spring Revolution Special Treasury Bonds” which is presented to the Myanmar diaspora all over the world. This group plans to raise $1 billion by selling NUG-issued bonds.

The NUG Ministry of Planning, Finance, and Investment posted an announcement regarding the move on Facebook on Monday.

The acceptance of Tether as an official currency came to be due to seizing of funds and privacy concerns by the present regime. The finance minister of the NUG revealed that the major reason behind the incorporation of Tether is “domestic use to make it easy and speed up the current trade, services, and payment systems.”

The decision of the NUG to use Tether stablecoin could serve as a point of discussion among nations. This is great, especially at a time when the United States government is planning to impose strict issuance policies on stablecoins.

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