Myanmar shadow govt approves use of stablecoin, aims to help fundraise

Myanmar's shadow government said it would allow the use of the world's largest stablecoin, Tether, as an official currency, potentially making it easier for it to raise funds and make payments.

The National Unity Government (NUG), which comprises pro-democracy groups and remnants of Myanmar's civilian administration that was ousted in a military coup earlier this year, has been seeking to raise funds for its "revolution" to topple the ruling military junta.

The junta has outlawed the NUG and designated it a "terrorist" movement.

Tin Tun Naing, the NUG's minister in charge of planning finance and investment, said in a Dec. 11 Facebook post