Myanmar to consider launching a national digital currency

The government of Myanmar, which came to power following a military coup, plans to launch CBDC. Bloomberg reports.

“We have not decided whether we should implement the project on our own or with the involvement of local companies,” said Zaw Min Tun, deputy minister of information.

According to the official, the digital currency will support domestic payments and economic growth.

Vin Myint, director of the Currency Administration Department of the Central Bank of Myanmar, explained that the project is at the discussion stage.

The initiative arose two months after the ousted government recognized USDT as an official currency. Supporters of the detained leader Aung San Suu Kyi began raising funds for a campaign aimed at toppling the military regime.

The World Bank, which estimated Myanmar’s GDP decline for the 2021 financial year at 18%, questioned the success of the current authorities’ initiative.

According to Kim Edwards, the World Bank’s senior economist, there will be a need for “an appropriate regulatory framework and high administrative capacity”.

In January, the authorities in Myanmar proposed criminal liability for the use of Bitcoin and VPNs.

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