Exiled Myanmar democratic leaders want to issue CBDC to fund the revolution
The National Unity Government is considering using the country’s frozen reserves as a backing for the digital currency. Half a year after the military junta in Myanmar revealed its plans to launch a digital currency, the country’s government, ousted in a coup in 2021, voices its own intention to launch one using frozen national funds. In a Sept. 6 interview with Bloomberg, the minister of planning of exiled Myanmar’s National Unity Government, Tin Tun Naing, asked for the “U.S. blessing” to use “virtually” the country’s reserves, frozen by the Federal Reserve Bank of New York since Feb.....
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Major General Zaw Min Tun said rolling out a digital currency would "help improve financial activities in Myanmar." The armed forces of Myanmar, which have been in control of the government since forcibly detaining many elected leaders in 2021, is reportedly planning to release a digital currency to help the local economy.According to a Thursday report from Bloomberg, Major General Zaw Min Tun said rolling out a digital currency would “help improve financial activities in Myanmar,” but military officials were undecided on whether to work with local companies or release the token on their....
Myanmar’s military-ruled government is proposing to enact laws that will see users of virtual private networks (VPN) and digital currencies being jailed for up to three years. In addition, offenders will be made to pay fines of up to $2,800.
Draft Bill Open for Comments
Myanmar’s military-ruled government is proposing to enact a law that outlaws the use of virtual private networks (VPN) and digital currencies in that country. Once enacted, violators of the new law not only face jail time but will be made to pay a fine.
According to a report published by....
A prominent Japanese investment banking brokerage will negotiate with the Myanmar government to introduce blockchain technology in payments for stock trading in the country. A report by Asian publication Nikkei reveals that the Daiwa Securities Group will help adopt blockchain technology for stock trading in Myanmar (formerly Burma) with an aim to implement a blockchain-based trading infrastructure for practical use within the next two years. The distributed ledger platform will be devised to connect the Yangon Stock Exchange (YSX) – the country’s first and foremost stock exchange- and....
The NUG finance minister said Tether use would enhance trade speed and payment efficiency. Myanmar’s shadow government, the National Unity Government (NUG), led by the supporters of jailed leader Aung San Suu Kyi, has declared U.S. dollar-based stablecoin Tether (USDT) as an official currency for local use. As per a report published in Bloomberg, the NUG will accept Tether for its ongoing fundraising campaign seeking to topple the current military regime in Myanmar. The shadow government also raised $9.5 million through the sale of “Spring Revolution Special Treasury Bonds” offered to the....
Sweden’s central bank deputy governor recently updated the public on the country’s CBDC exploration. Central Bank Digital Currencies, or CBDCs, were the talk of the town for many in crypto and banking in 2020, with Sweden's prospective e-krona one of the frontrunners. Sweden’s central bank, Sveriges Riksbank, is investigating distributed ledger technology, or DLT, for its CBDC proof-of-concept, the bank’s deputy governor confirmed today. “The technology we use is the DLT called Corda,” Cecilia Skingsley, the deputy governor of Sweden’s central bank, said on Wednesday during a CfC St.....