It is expected that Myanmar’s own digital currency will be launched sometime in the future. According to a top official, the junta is evaluating whether it should be run by the government alone or as a joint venture with local companies.
Myanmar’s military administration aims to introduce a digital currency by the end of the year in order to facilitate domestic payments and stimulate the economy, according to a top spokesman for the State Administrative Council. The spokesman said that the military is evaluating how to proceed.
We are unclear whether we should undertake it as a joint venture with local enterprises or by the government alone, A digital currency will aid Myanmar’s financial activities.
Major General Zaw Min Tun, the Junta’s deputy communications minister
It is expected that Myanmar’s annual GDP will expand by only 1% this year, according to the World Bank, after declining 18% in the fiscal year that ended in September 2021. An International Monetary Fund study released last week attests to the fact that Myanmar’s GDP might have grown by 30% without the epidemic or coup.
State Administration Council has proposed Tether as a “official currency” for use in funding campaigns to topple the military government. The development comes just two months after a group led by supporters of deposed leader Aung San Suu Kyi designated the currency for use in fund-raising. Currently, Aung San Suu Kyi is serving time in prison on a variety of charges.
There has been a concerted effort among central banks around the world over the past several years to produce digital currencies, with some hoping to use them as soon as possible. At a news conference last week, Kim Edwards, the World Bank’s chief economist for Myanmar, made the following remarks: “We believe that the government is not in a position to implement such a plan.” To accomplish such a thing, he said, it would take a strong regulatory system and a lot of administrative ability.
At this time, we are still learning about digital currencies and conducting discussions, Both the advantages and disadvantages must be considered.
Win Myint, Director-General of the Central Bank of Myanmar’s currency-management department
There are a number of countries interested in cryptocurrencies, including Myanmar. Venezuela’s National Assembly has accepted to be considered a bill for establishing conditions for the use of digital currencies for transactions last month. A Bloomberg index revealed that inflation in bolivars, the local currency, has slowed to a rate of 53% annually in the last three months, compared with a rate nearly 1,000% in the previous years.
