Exiled Democratic Leaders Of Myanmar Seek To Issue CBDC To Finance The Uprising

The government of Myanmar, which was overthrown in a coup in 2021, expressed its own intention to develop a digital currency using frozen public funds half a year after the military junta in that country disclosed its plans to do so.

In a Tuesday 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. 2021.

According to Bloomberg, the monies Naing mentions have been blocked in banks in Singapore, Thailand, and Japan and might total billions of dollars. Naing questions whether the US would want to give these assets to the National Unity Government directly, but he does note that they may be used as reserves to support the virtual currency of the alternative central bank in exile.

The funds are required to help the nation’s “revolutionary activities” – Myanmar

The National Unity Government is primarily made up of parliamentarians that were elected democratically in November 2020 but were later overthrown by the nation’s long-reigning military junta in February 2021. It has already attempted to raise money by selling revolutionary bonds and auctioning off the homes held by junta commander Min Aung.

A junta official said in February 2022 that the military was preparing to launch a digital currency to facilitate domestic payments and “assist boost financial activity” in the nation. The Central Bank of Myanmar had issued a warning before the military took control, stating that anyone found to have traded digital assets in Myanmar risked imprisonment or a fine.

However, the National Unity Government said in December 2021 that Tether (USDT) will be accepted as legal tender.

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