Tuesday, March 21

Myanmar Military Government Considers Launching Digital Currency: Report By Cointelegraph

©Reuters. Myanmar Military Government Considers Launching Digital Currency: Report

Myanmar’s armed forces, which have been in control of the government since forcibly detaining many elected leaders in 2021, are reportedly planning to launch a digital currency to help the local economy.

According to a Thursday report from Bloomberg, Maj. Gen. Zaw Min Tun said the rollout of a digital currency would “help improve financial activities in Myanmar,” but military officials were undecided on whether to work with local companies or launch the token. on your own. Tun, head of the military government’s “True News Information Team”, acts as a spokesman for the Myanmar military.

The digital currency aims to support payments within Myanmar as well as improve the economy. According to a January 25 report, the World Bank estimated that the country’s economy will grow only 1% until September 2022 due to the effects of the pandemic and the overthrow of the civilian government. According to reports, growth in the economy was “about 30% lower than it might have been in the absence of COVID-19 and the February 2021 coup.”

Read the full article on Cointelegraph

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