Myanmar’s military government considers launching digital currency: Report
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....
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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.....
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....
The Ukrainian government announces that $50 million in cryptocurrency was raised within a week since Russia began its invasion of Ukraine. The government has so far spent $15 million in donated cryptocurrency to buy military supplies. Ukraine Government Spends $15 Million in Crypto on Military Supplies Alex Bornyakov, Ukraine’s deputy minister of digital transformation, revealed Friday that his government has spent $15 million in donated cryptocurrency on military supplies, including bulletproof vests, Bloomberg reported. In a Zoom interview from an undisclosed location in Ukraine,....
HM Treasury, the U. K. government's economic and finance ministry, intends to apply anti-money laundering regulation to digital currency exchanges in the U. K. as part of a plan to promote the legitimate use of digital currency. The goal, according to a newly-released 28-page document, is to support innovation and prevent criminal use. The new document comes in response to a public call for input published in November on developing digital currency regulations. That call generated 120 responses from digital currency developers, businesses providing digital currency related services, banks,....
The UK Treasury has announced a series of initiatives dealing with digital currency in a landmark report published in conjunction with the Chancellor of the Exchequer's annual budget speech today. The announcement is the government's first major attempt to grapple with the regulatory and consumer safety issues surrounding digital currencies. The report is largely positive towards digital currencies, noting its potential as a payments technology, while also underlining its nascent state and the potential risks associated with its use. The report said: "The government considers that digital....