The Burmese government, which came to power as a result of a military coup, plans to launch a CBDC. According to Bloomberg.
Deputy Information Minister Zaw Min Tun said, “We have not yet decided whether to implement the project ourselves or to involve local companies.”
According to the official, 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, explained that the project is under discussion.
The initiative comes two months after USDT was recognized as the official currency by the ousted government. Supporters of arrested leader Aung San Suu Kyi have begun raising funds for the campaign aimed at overthrowing 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.
Kim Edwards, a senior economist at the organization, said "an appropriate regulatory framework and strong management performance" will be needed.
Recall that in January, Burmese authorities proposed criminal liability for the use of Bitcoin and VPNs.
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