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

“We haven’t decided if we should do this as a joint venture with a local company or by the government alone.”

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

Win Myint, director of the Foreign Exchange Management Department of the Central Bank of Myanmar, said the project is currently under discussion.

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The initiative comes two months after the stablecoin USDT was recognized as the official currency by the previous government, which was overthrown after a military coup. Supporters of arrested leader Aung San Suu Kyi have begun raising funds for the campaign to overthrow the junta.

The World Bank estimates that Myanmar's GDP will fall by 18 percent by the end of fiscal year 2021 and questions the success of the initiatives of the country's current authorities.

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