In Burma, rebels legalize stablecoin to fight the regime and free the president from prison

Briefly:

  • In Burma after the military coup militants control all finances
  • In response, the legitimate authorities legalized stablecoins and began to accept payments in cryptocurrencies
  • This will help fight the military regime

Burma Treasury NUG has declared the kyat (national currency) invalid and made the USDT stablecoin legal tender .

The democratic government is now in exile, and their leader, Aung San Suu Kyi, has been thrown into prison. This happened as a result of a military coup in February this year. Although NUG does not currently control the territory, in October the European Union officially recognized it as the country’s sole legal representative.

Why do they need cryptocurrency

The exiled government wants to bypass the total financial control of the current regime. After the military coup, the central bank is run by militants. Stablecoin Tether will help disgraced authorities raise money bypassing the current regime. They have already set up a special fund and raised $ 9.5 million in aid from local citizens and European states.

According to local media reports, over the past few months, the military regime has arrested thousands of Burmese citizens who donations to the NUG and the People’s Defense Forces. In addition, for purposes of control, the Central Bank of Myanmar has declared all digital currencies illegal and threatened with jail time and fines for all violators. Transfers to Tether will help ousted authorities and their fans bypass such locks.

NUG’s decision to accept and use Tether could be the subject of heated international debate. Especially at a time when the US government seeks to introduce a strict policy of issuing stablecoins.

Related Articles

Back to top button