Myanmar’s shadow government, the National Unity Government (NUG), led by the leader Aung San Suu Kyi behind bars at the moment, has reportedly recognized Tether (USDT) as an official currency for local use.

Specifically, as revealed via a Bloomberg report, the NUG will reportedly add Tether to the list of viable currencies for its ongoing fundraising campaign, which has a primary target of overthrowing the existing military regime in Myanmar.

The shadow government also successfully secured $9.5 million in capital injection via the sale of “Spring Revolution Special Treasury Bonds”, offered to the Myanmar diaspora throughout the globe. 

The group reportedly has an ambition of obtaining $1 billion in fundraising via the sale of NUG-issued bonds.

The NUG Ministry of Planning, Finance, and Investment posted an announcement regarding the move on Facebook on December 13th. 

The initiative from the NUG to provide an official legal standard for Tether as a currency reportedly undermines the crypto barring currently applied by the Central Bank of Myanmar in May 2020. 

The incorporation of Tether as an official currency for countrywide use was reportedly fueled by concerns associated with privacy, as well as the confiscation of funds by the existing regime.

The NUG finance minister reportedly disclosed that the main reason that led to Tether’s incorporation is “domestic use to make it easy and speed up the current trade, services, and payment systems.”

The NUG reportedly received recognition as the official government of Myanmar by the French Senate and the European parliament in October this year. However, America has not made a similar decision. 

The initiative by the NUG to accept and use Tether stablecoin may potentially act as a point of discussion among countries, particularly during the time the US authority is having plans down its pipeline for a stricter grasp on stablecoin issuance policies.