• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / World / Myanmar’s military government plans to launch a digital currency
Myanmar's military government plans to launch a digital currency

Myanmar’s military government plans to launch a digital currency

February 5, 2022 by Goku

According to Bloomberg, Myanmar’s military is preparing to launch its own digital currency in the area to improve its economic growth. A top spokesman at the State Administration Council said that the country is now assessing how to go ahead with the digital currency launch.

The debut of its digital currency will be geared at facilitating domestic payments.

“We are unclear whether we should accomplish it as a joint venture with local firms or by the government alone.”

Deputy Minister of Information Major General Zaw Min Tun

However, Major General Min Tun subsequently commented that the digital currency introduction would actively contribute to encouraging financial operations in the country. “A digital currency can assist boost financial activity in Myanmar.” Min Tun subsequently added.

Myanmar and their decision with crypto

Myanmar’s military government had unveiled a cyber security bill that would restrict the use of virtual private networks under punishment of jail and penalties as per the reports by the register.

Myanmar Junta released new telecom act .
-Use of – Virtual Private Network (VPN) : 1 to 3 years imprisonment or fine not more than 5 millions Myanmar kyats
– Use of Digital Currency, Cryptocurrency: 6 months to 1 year imprisonment or fine not more than 5 millions Myanmar kyats. pic.twitter.com/On9ettWPvp

— Aung Kyaw Moe (@akmoe2) January 23, 2022

The draft law, dated January 13, is signed by Soe Thein, permanent secretary of the military’s transport and communications ministry. It is undergoing a request for opinions through January 28. Upon implementation, it will condemn VPN users to between one and three years imprisonment and fines of up to five million Myanmar Kyats ($2,800).

The bill also forbids the use of digital money, under penalty of jail for six months to a year, and the same punishment used to prevent VPN usage.

Myanmar’s GDP plummets

According to the projections presented by the World Bank, Myanmar’s GDP dropped by 18 percent in the fiscal year ending in September 2021. The World Bank research also forecasted that the nation would enjoy barely 1 percent economic growth in the fiscal year ending in September this year.

Earlier in December, the National Unity Government (NUG) had formally recognized Tether as the official currency of the area to make domestic transfers more straightforward and compact. NUG has repeated similar comments before, claiming that Tether, as the official currency, will assist speed up the general business, services, and payments.

Myanmar military and other decisions regarding virtual assets are unclear. Earlier, they proposed banning cryptocurrencies, and now they are in talks of launching their digital currency. Countries including India are also planning to launch their digital currency. Sometimes the governments forget that the entire concept of cryptocurrencies is on the reality that it is decentralized.

Filed Under: World, News Tagged With: Crypto, Digital Currency, Myanmar

Primary Sidebar

Recent Posts

  • Uniswap (UNI) Breaks $9 Barrier, Rallies Toward $10.20 Target July 15, 2025
  • Bitcoin Breaks Above $121,000 Eyes $140,000 to $158,000 in Next Rally July 15, 2025
  • Jupiter (JUP) Price Prediction: Breakout Target Set at $0.55 July 15, 2025
  • From 10,000 Bitcoin Pizzas to a Possible $200,000 Target: All Bitcoin Momentum Since 2009 July 15, 2025
  • Ethereum Ignites Rally After $3K Breakout: Can It Smash $3,450? July 15, 2025

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2025 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.