The opposition government of Myanmar will accept USDT for domestic payments, despite the country’s ban on cryptocurrencies from 2020.
According to
message The National Unity Government (NUG), which is made up of supporters of ousted leader Aung San Suu Kyi’s, the shadow government has recognized Tether (USDT) as its official currency.
Treasury Minister Tin Tun Naing wrote on Facebook that the GON accepts USDT backed by the US dollar for domestic payments. He believes that this will speed up trade processes and simplify the provision of services and the operation of payment systems.
The government of national unity receives funding not only in cryptocurrencies. It raised $ 9.5 million in 24 hours from the sale of Spring Revolution Treasuries. Sales were halted until December 6 due to high demand for the bonds. There is no information on the final sale amounts. This money helps the opposition government fight the military who staged the coup.
In 2020, the Central Bank of Myanmar declared all cryptocurrencies illegal, so the decision of the opposition government is illegal, since that moment the situation has not changed. One of the latest high-profile news in the region was the announcement that a major bank in Thailand, Siam Commercial Bank (SCB), has developed a mobile app for instant cross-border payments across Asia in partnership with Ripple.
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