The idea of creating and developing a Central Bank Digital Currency (CBDC) has been ongoing for a long time. Although China officially brought the idea to the fray, many countries have been riding on the ongoing trend. While some are done, others are just brainstorming on how to create their CBDC. One such country is Myanmar, which plans to develop its national digital currency very soon.
Myanmar’s military government plans to establish a digital currency to support domestic payments.
Myanmar’s military government plans to establish a central bank digital currency to support domestic payments and boost the economy within the year and is assessing how to move forward, according to a top spokesman of the State Administration Council. “We are undecided whether we should do it as a joint venture with local companies or by the government alone,” said Major General Zaw Min Tun, who is deputy information minister in the junta that toppled the civilian government a year ago. “A digital currency will help improve financial activities in Myanmar.”
The CBDC announcement comes shortly after Aung San Suu Kyi led group recognized Tether as an “official currency.”
News of the State Administration Council’s proposal of a CBDC comes two months after a group led by supporters of ousted leader Aung San Suu Kyi recognized Tether as an “official currency” for use in a fund-raising campaign that seeks to topple the military regime. Suu Kyi is currently in jail serving time for a slew of charges. Central banks across countries have been working for years to develop digital currencies, with some planning to deploy them for retail transactions and others opting to restrict them to interbank use. China, whose digital yuan project is among the most advanced, has been developing it since at least 2014.