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  • Nikkei

Myanmar's pro-democracy forces resist with cryptocurrency

Myanmar's National Unity Government, a pro-democracy group, recently announced that it officially endorses domestic distribution of the cryptocurrency Tether in a move to resist Myanmar's military, which seized control of the country last February, using fintech.

Tether is issued by a Hong Kong company, Tether Ltd. It is a blockchain-based cryptocurrency whose value is pegged to the dollar.

The NUG, established in April by pro-democracy members of parliament who won seats in the 2020 election that the military has nullified, has continued to criticize the military and resist it, using force in some regions. It is not powerful enough to take back control of the country but enjoys strong support from citizens.

The NUG is letting citizens use Tether because its greater use could weaken the power of the military, which controls the issuance of the country's currency.

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