Report: Myanmar’s Armed Forces Plan To Launch A Crypto
Myanmar’s military forces, which have detained several leaders forcibly during 2021 as they have been controlling the government, are reported to have involvement in making a strategy to introduce a digital currency to assist the native community. As per a Bloomberg report of Thursday, it was stated by Major General Zaw Min Tun that a digital currency would be rolled out to assist in the advancement in the financial operations of Myanmar, however, they did not determine whether to operate with the native companies or to introduce the token autonomously.
Tun, the in-charge of the ‘True News Information Team’ of the military government plays the role of a spokesperson for the army of Myanmar. The target of the digital currency is to support the payments across Myanmar along with making improvements to the economy of the country. As per the report of 25th January, it was estimated by the World Bank that the economy of the country will boost by just 1% during September this year because of the impact created by the pandemic as well as the civilian government’s overthrow.
It has been reported that the economic growth of the country would have been nearly 30% lower than the normal conditions without the outbreak of the COVID-19. It is still ambiguous whether issuing a digital currency would make positive improvements to the economy to persuade the citizens to make purchases. Previously, the bank has declared that an imprisonment sentence or fine would be faced by the people on having any involvement in the trading of digital assets, nevertheless, this was in advance of the seizure of control by the military.
The country’s central bank’s director-general, Win Myint, mentioned that currently, they are gaining knowledge about digital currencies by making some discussions over the respective topic with the currency management department. In addition to this, he added, there is a requirement for keeping both positive as well as negative factors in mind. The shadow government of the country is led by supporters of Aug San Suu Kyi (a state counselor detained by the army) and it asserted in December to recognize USDT (Tether) as the country’s official currency.
The digital currency of Myanmar, after being released by the central bank thereof, would be among just a few to be introduced around the globe. China is presently permitting the foreign athletes, entering the country for this year’s Winter Olympics, to receive and send the digital yuan thereof.
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