Myanmar government approves cryptocurrency as legal benefit

On December 14, 2021, Myanmar's shadow government announced that it would accept Tether, the world's largest securities provider, making it easier to pay, profitable, financially and economically.

The rest of the civilian government in Myanmar, which was overthrown in a military coup earlier this year, and the national reunification government, which includes pro-democracy groups, are seeking to raise funds for a " revolution ”in order to overthrow the ruling army. government.

The military government declared the National Unification Government an illegal organization and defined it as a "terrorist organization".

On December 11, Tin Tun Naing, Minister of Strategy and Finance of the Ministry of Strategy and Finance of the National Unification Government, said on Facebook that "the federal government will recognize TEDA, which will lead to faster change. and better ”.

TEDA coins can be traded like any other cryptocurrency such as Bitcoin, making it difficult for the government and other authorities to track or prevent payments.

However, unlike most cryptocurrencies, the value of the currency has been pegged to the US dollar, so it is stable.

financial stability

Tether has a market value of $ 76 billion. After criticism and dissatisfaction over the value of the property recovery business, the advertising company Tether (also known as Tether) has decided to regularly publish audit data.

In the aftermath of the uprising, Myanmar's financial and financial institutions plunged into turmoil. Protest groups tried to encourage people to avoid paying taxes, participate in protests and disobey the people, refrain from military intervention in the economy, and prohibit the unification of the armed forces. by strengthening the armed forces. National lottery efforts.

At the same time, the federal government has no way of increasing public funds and starting to sell foreign government loans (mainly foreigners in Myanmar) for financial gain.

In the months following the protests, Myanmar's banks ran out of cash and local earnings, the report said, costing more than 60%.

Supporters of the TEDA coin say the use of federal integration reflects the benefits of payments that are difficult for police to track.

However, stablecoins will be monitored by financial regulators in developed countries. Part of the reason is the fear that, due to the same ruling, the excessive use of stablecoins in an unregulated environment could lead to the financial security of the manufacturer due to relative invisibility.