The situation is still tense in Burma, after the military junta succeeded in a coup d’état last February. The legitimate government of the day, classified as a parallel government, has just adopted Tether, a stablecoin known as USDT, to block military rule and provide citizens with stable currency for day to day living.
While the Central Bank of Burma has banned the use of crypto-currencies, the resistance is organizing to counter the power in place.
A parallel currency for a parallel government
It is a difficult thing to conceive, but the government of Burma has two opposing entities. On the one hand, a military organization which seized power by force in early 2021. On the other hand, the democratically elected power in 2020, led by Aung San Suu Kyi, a woman Nobel Peace Prize winner very popular in her country , troubled by years of military junta and violent demonstrations.
The choice of the cryptocurrency Tether (USDT) is justified, because this stablecoin is modeled on the US dollar, which gives it a certain value. The government of national unity wants the population to use it in a domestic way, with the advantage that their transactions cannot be traced or controlled by the power in place.
The desire to use cryptocurrencies to destabilize central banks is a new idea globally. We do not yet have details on how the government of Aung San Suu Kyi intends to proceed to adopt this currency to the population, what is certain is that it remains very popular despite its house arrest. since March 2021. She is still at the center of a trial whose verdict has been postponed to December 27.
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Source: CryptoPotato
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