Myanmar’s Military Government to Launch Digital Currency Amid Economic Woes

Myanmar’s Junta government plans to launch a digital currency this year for local payments and to spur economic growth.

Source: Bloomberg

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The Deputy Information Minister, Major General Zaw Min Tun, says that the administration is yet to decide whether to implement it in partnership with the private sector or do it alone.

The statement by the authority which toppled civilian rule follows that of the ousted leader Aung San Suu Kyi who plans to use Tether in fundraising towards reclaiming power.

The announcement comes as the World Bank estimates that the economy of Myanmar has reduced by 18% as of September 2021.

The institution, which only projects an expansion of only 1%, blames the coup and the pandemic on the country’s economic troubles.

The World Bank’s senior official for Myanmar, Kim Edwards, thinks it has not reached the best level to launch the official digital currency in the country.

Venezuela is another troubled economy banking on a digital currency to tame inflation which currently stands at about 53% after reaching over 1,000% in the recent past.