Myanmar ready to debut a digital currency
Myanmar is ready to debut its own digital currency and plans to join a number of nations that have been planning to release a CBDC. The country's shadow government had earlier confirmed the adoption of Tether (USDT) as the nation's official currency. It seems that the country is moving towards crypto adoption.
Myanmar CBDC initiative
Myanmar is planning to release the central bank digital currency as per the report from Bloomberg. The report confirms that digital currency is aimed at supporting domestic payments and aims to boost the current economy of the nation, which is not very stable."We are undecided whether we should do it as a joint venture with local companies or by the government alone," said Major General Zaw Min Tun, who is deputy information minister in the junta responsible for toppling the government a year ago. "A digital currency will help improve financial activities in Myanmar."
The junta is still finalizing the details with local businesses and firms to conclude the fact if partnerships are needed for releasing the CBDC. As per a report from the World Bank, the economy of Myanmar shrunk by nearly 18%, and it seems that the shadow government aims to boost the economy of the nation with their new decision.
USDT, the official currency
As per a recent report from Cryptonary, USDT is also the official currency of Myanmar. USDT can be used in the local market for purchases in the country. Meanwhile, the central bank of the nation wants to ban cryptocurrencies, and the shadow government seems to have a different thought.USDT is a private stablecoin that is pegged in a 1:1 ratio to the US dollar and has a market cap of $77.9 billion. Furthermore, it is the third biggest cryptocurrency by market cap in the world and has been under scrutiny from various regulatory authorities.
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