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A few months ago, El Salvador Bitcoin as legal tender, starting a trend that might eventually see many more countries do the same. The first ones will likely be the ones that struggle economically. The movement to adopt crypto has already started, with the Myanmar government taking the next step by declaring Tether (USDT) as its official currency for “domestic use.”
In truth, the situation is a bit more complicated than that. The political situation in the country has resulted in the creation of a parallel government called the National Unity Government of Myanmar. It consists of the country’s former President Win Myint’s executive cabinet members, as well as his State Counsellor, Aung San Suu Kyi.
What is going on in Myanmar
After the coup in which Myint Swe became an Acting President of Myanmar, and the Army General Min Aung Hlaing became the Prime Minister, the politicians that now make up the parallel government getting ousted. Now, they plan to adopt USDT to use it instead of the USD and enjoy its benefits such as resistance to censorship and control by the new government.
One thing to note, however, is that the current regime actually outlawed the use of crypto all the way back in May 2020. With that said, this decision to switch to Tether is also coming as a sort of a political provocation.
And, while the National Unity Government lacks territorial or military control, it did manage to win some space when it comes to the global diplomatic sphere and receives official recognition by the European Parliament, which now sees it as legitimate.
Apart from fighting back with Tether, the NGU also issued something called Spring Revolution Special Treasury Bonds, which managed to raise as much as $9.5 million in a single day. It is now expected that the total proceeds will continue to climb until $1billion.
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