Myanmar to Launch a National Digital Currency
Main page News, Central Banks, CBDC

Myanmar's government has plans to launch a central bank digital currency (CBDC), Bloomberg has reported. Zaw Min Tun, the country's deputy information minister, has said:

"We are undecided whether we should do it as a joint venture with local companies or by the government alone."

He has assured the digital currency will support domestic payments and economic growth.

The director of the Foreign Exchange Management Department of the Central Bank of Myanmar, Win Myint, has said the project is currently being discussed.

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The initiative has come two months after the stablecoin USDT was recognized as the official currency by the previous government, which was overthrown following a military coup. The supporters of arrested leader Aung San Suu Kyi have started raising funds for a campaign to overthrow the military regime.

The World Bank, which estimated Myanmar's GDP to fall by 18% by the end of fiscal 2021, has questioned the success of the initiative by the country's current authorities.

According to the organization, it will require "an appropriate regulatory framework and strong management performance."

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