Forex Analysis & Reviews: 13.12.2021 - Cryptocurrencies Take on...

13.12.2021 07:06 PM

Cryptocurrencies Take on Political Content: Tether Becomes Official Currency for Anti-Junta Gangs in Myanmar

The exiled government, led by supporters of ousted Myanmar leader Aung San Suu Kyi, has recognized Tether as the official currency. This step was a consequence of the start of raising funds for a campaign aimed at overthrowing the current military regime.

From this day on, Myanmar's National Unity Government (NUG) officially accepts Tether (one of the stablecoins designed to be used as a dollar proxy) for "internal use to simplify and speed up ongoing trade, services, and payment systems," NUG Finance Minister Tin Tun Naing said Sunday in a Facebook post. No other details were reported.

The NUG is an alliance of leaders of the ousted civilian government and pro-democracy groups in Myanmar. Although they do not control territory or hold positions of power in Myanmar, the group declared war on the junta in September, leading to an escalation of fighting between the military regime and local resistance groups.

The shadow government's adoption of cryptocurrencies underscores its denial of the legitimacy of the Myanmar Central Bank, which declared all digital currencies illegal last May and threatened with jail time and fines for any violators.

This step was another in a series of decisions by individual governments to assess the potential benefits of introducing or creating cryptocurrencies or stablecoins as part of their financial system. El Salvador became a pioneer in this matter when, on September 7, it made bitcoin legal tender along with the dollar, which at the moment has become the biggest test of its usefulness as a medium of exchange.

NUG deals not only with cryptocurrencies. The group raised $9.5 million in the first 24 hours from selling what was marketed as "Spring Revolution Special Treasury Bonds" to Myanmar's diaspora worldwide to help overthrow the current government led by coup leader Min Aung Hlaing. The bond looks like a direct lending instrument.

Sales were halted for a week until December 6 due to high demand, and there is little information yet on how much money has been raised. NUG also plans to appoint representatives in different countries to help with sales.

Last week, the NUG announced that these so-called bonds would soon be sold in Myanmar, which caused a new wave of discontent with the regime when a local court found Suu Kyi guilty of inciting dissent against the armed forces. She was sentenced to four years in prison, although the term was reduced to two years in a place of detention, the location of which is currently not disclosed.

The NUG seeks to raise $1 billion from the sale of bonds, which, according to the junta, violates anti-terrorism laws.

The group seems to be focused on cryptocurrencies like Tether, which can be traded at peer-to-peer points that allow users more privacy. However, the stablecoin has been at the center of speculation for many years that it was not actually backed by dollars, as stated.

From this point of view, contributions and donations that are made for the benefit of the revolution can be buried under the ruins of cryptocurrency speculation if the digital market collapses. However, the pro-democratic attitude of the revolutionaries can play into the hands of BTC and its brethren thanks to the fame of the financial instrument of the fighters for justice, which will form a strong counterweight to the use of cryptocurrencies as a means of laundering money obtained by criminal means.

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