Myanmar Plans to Launch Its Own Digital Currency

Due to the rapid spread of cryptocurrencies, many countries do not have the concept of decentralization, digital coins plans to remove it or take serious steps in this area. In the past months, we have conveyed to you that a step has been taken in our country regarding the Digital Turkish Lira. In addition, China allowed the use of ‘digital yuan’ in the ongoing Beijing 2022 Winter Olympics. The Bahamas also became the first country to launch its central bank digital currency (CDBC) in October 2020. Now, a step has come from an Asian country in this regard.

Asian country bordering China, according to Cointelegraph Myanmar It also plans to launch its own digital currency. According to the news, the events that took place in the country last year your blow The military, which then seized power, wants to issue this type of currency to improve the local economy.

“It can improve financial activities”

According to a report released by Bloomberg last Thursday, Major General Zaw Min Tun, who is in charge of the country, said that the launch of a digital currency is ‘in Myanmar can improve financial activities” he stated. However, Tun, who also acted as the spokesperson of the military government; He added that they were undecided as to whether they wanted to launch the currency by working with local companies or creating it themselves.

In a report published by the World Bank in the past weeks, Myanmar’s economy was only damaged due to the coup and the overthrow of the government. %one was expected to grow. For this reason, it was stated that the digital currency, which is planned to be used as a payment method, is expected to improve the economy in the country.

In the attached report of the Central Bank It was stated that it is unclear whether it will take part in the digital currency project. The country’s central bank, before the coup took place that digital asset traders could go to jail had expressed. However, it was reported that this situation may have changed after the army came to power. Win Mynt from the Central Bank of Myanmar also said, “At this point, we still learn about digital currencies and continue our discussions. We need to consider both the pros and cons of such assets.” used the phrases.