According to a top spokesperson for the country’s State Governing Council, Myanmar’s military government intends to launch a digital currency within the year to support domestic payments and stimulate the economy.
“Digital Currency Will Support Myanmar Economy”
Zaw Min Tun, general Zaw Min Tun, the ‘deputy minister of information’ of the military administration that replaced the civilian government in Myanmar, said: A digital currency will support financial activities in Myanmar.”
Myanmar’s economy shrank by 18% in the fiscal year ending September 2021, according to World Bank data. This year, the country’s growth forecast is around 1%. According to reports, Myanmar’s economy could have been 30% larger than it is now if the coronavirus pandemic and the coup d’etats that shook the country had not occurred.
This proposal, from the country’s State Governing Council, is the apex of ousted leader Aung San Suu Kyi. Tether It took place 2 months after it was recognized as the official currency. Aung San Suu Kyi has announced that she will organize fundraising campaigns with Tether to end military rule in the country. Suu Kyi is currently in jail on a number of charges.
It is known that central banks around the world have taken various steps to develop digital currency. Some countries also want to use these currencies for individual payments, while others plan to allow interbank use only. Considering that China’s digital Yuan project has been under development since 2014, we can say that China is the leader in central bank digital currencies (CBDC) worldwide.