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Myanmar's Military Government Plans Digital Currency Launch: Report
The country's shadow government said in December it will accept tether as official currency.
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.
Read more: Myanmar’s Shadow Government Adopts Tether as Official Currency: Report
STORY CONTINUES BELOW
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
