Shadow Government in Myanmar makes Crypto Official Currency.
The outlawed NUG (National Unity Government) says it will adopt and allow the use of Tether the largest Stablecoin with a market Capitalization of $76bn as its official currency.
This decision will make it easier for it for make payments and receive donations.
Tether is easy to send and receive just like other Cryptocurrency like Bitcoin, Ethereum Solana. It is pegged and back by the US dollar. This also makes if difficult for the government of Myanmar to track or prevent transactions.
Shadow Government in Myanmar makes Crypto Official Currency
Myanmar’s banking system has been turn apart since the coup. Immediately after the coup the banks ran out of cash, its local currency the Kyat fell by almost 60 percent.
This move has again shown that currencies that is difficult for government to control and regulate are being embraced globally
Source: Mostly Reuters