Myanmar's Military Government Plans Digital Currency Launch: Report

Myanmar's military government is planning to launch its own digital currency, a few months after the country's shadow government started accepting tether (USDT) as its official currency, Bloomberg reported on Friday.

The digital currency is aimed at supporting domestic payments and boosting the country's struggling economy, Deputy Information Minister Major General Zaw Min Tun said.
The junta is undecided as to whether it should work with local companies to launch the digital currency, Min Tun said.
Myanmar's economy shrunk by 18% in the year ending September 2021, the World Bank said in a report published on Jan. 26.
The southeast Asian country has been effectively ruled by a junta, or military government, since its democratically elected party was ousted in a coup last year.
The ousted party formed a shadow government, called the National Unity Government, which includes exiled leader Aung San Suu Kyi and her supporters. The shadow government said in December that it will recognize stablecoin tether as its official currency.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.