Myanmar’s military plans to introduce its own CBDC

Myanmar will have its own Central Bank Digital Currency (CBDCs) to do retail payments with real-time efficiency. 

In the present time adoption of the blockchain technology is in full trend. Almost every country’s Central Bank is doing its research or development to bring modernization in the traditional payment system. At present approximately more than 90 countries’ Central banks are doing development in CBDCs and more than 10 countries are in the pilot phase. 

On 4 February, Bloomberg published a report on the efforts of Myanmar to develop and launch its own CBDC. According to the report, Myanmar wants to boost its economy with advancement. 

The military of Myanmar believes that CBDC will help to strengthen the country’s economy and also it will give a better position in the global financial market. And also they are aimed to adopt better payment options for domestic and retail payments. 

Zaw Min Tun, Deputy Minister of Information Major General, stated that the government is not sure whether they should introduce CBDC in collaboration with local companies or if the government should do everything alone. 

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

Further Major General noted that the adoption of Digital Currency will boost the financial activities in the country with better efficiency. 

“A digital currency will help improve financial activities in Myanmar.”

According to available records and data, in September 2021 the country faced a shrank by  18% in the financial economy in the fiscal year. 

In December of last year, the National Unity Government (NUG) recognized Tether (a stablecoin pegged by a dollar) as a legal and better payment tool. Before this decision, NUG stated that Tether (USDT) will help the country to facilitate general trading, services, and payments. 

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