• bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
Crypto Currency Bazaar 4u
  • INVESTMENTS
    • Crypto General
    • Masternodes
    • Mining Projects
    • NFTS Investments
    • Invest In ICO
    • Exchanges
    • Staking Yeild Farming
  • WORLD
  • USA
  • CANADA
  • JAPAN
  • UK
  • UAE
  • INDIA
  • MORE
    • BRAZIL
    • AUSTRALIA
    • EL SALVADOR
    • CENTRAL AMERCIA
    • SOUTH AMERICA
    • AFRICA
    • EUROPE
    • ASIA
    • OCEANIA
    • ICO
  • Login
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE
HealthNews
No Result
View All Result
Home EUROPE

Myanmar’s Military Government Plans To Launch A Digital Currency

CB4U by CB4U
February 5, 2022
in EUROPE
0
Myanmar’s Military Government Plans To Launch A Digital Currency
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

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.

Advertisement Banner
Previous Post

Boston Fed releases first CBDC research – Better than crypto?

Next Post

Crypto News: Cardano, STX, BTC Mining, MATIC & More!! 📰

CB4U

CB4U

Next Post
Crypto News: Cardano, STX, BTC Mining, MATIC & More!! 📰

Crypto News: Cardano, STX, BTC Mining, MATIC & More!! 📰

Discussion about this post

RECOMMENDED

Wash trading accounts for 95% of LooksRare trading volume

Wash trading accounts for 95% of LooksRare trading volume

3 months ago
Google accelerates crypto strategy with hiring ex PayPal Exec

Google accelerates crypto strategy with hiring ex PayPal Exec

5 months ago

DON'T MISS

It's over. Crypto Crash of 2022.

It's over. Crypto Crash of 2022.

June 26, 2022
Automobile Giant Bentley enters the NFTverse

Automobile Giant Bentley enters the NFTverse

June 26, 2022
Binance Launches New Platform for VIP and Institutional Crypto Investors – Exchanges Bitcoin News

Binance Launches New Platform for VIP and Institutional Crypto Investors – Exchanges Bitcoin News

June 26, 2022
Within Triangle SHIB Price Reject Sellers Opinion

Overhead Supply Pressure Hints SHIB to Retest $0.00001

June 26, 2022
Crypto Currency Bazaar 4u

The Cryptocurrency Bazaar 4U was founded in 2020 for providing the most trusted information for the Crypto enthusiasts covering a broad range of news about blockchain technology, cryptocurrency assets, emerging fintech trends in the decentralized space, and other related wide array of information surrounding this emerging technology.Our team provides the most up-to-date and accurate news from different sources in this space comprising of unbiased news, in-depth analytics, detailed cryptocurrency price charts, and insightful opinion pieces is the basis of our editorial content.

POPULAR POSTS

It's over. Crypto Crash of 2022.

It's over. Crypto Crash of 2022.

June 26, 2022
Automobile Giant Bentley enters the NFTverse

Automobile Giant Bentley enters the NFTverse

June 26, 2022
Binance Launches New Platform for VIP and Institutional Crypto Investors – Exchanges Bitcoin News

Binance Launches New Platform for VIP and Institutional Crypto Investors – Exchanges Bitcoin News

June 26, 2022

Categories

  • AFRICA
  • ALTCOIN
  • ASIA
  • AUSTRALIA
  • BITCOIN
  • BLOCKCHAIN
  • BRAZIL
  • CANADA
  • CENTRAL AMERCIA
  • CRYPTO GENERAL
  • EL SALVADOR
  • ETHEREUM
  • EUROPE
  • EXCHANGES
  • ICO
  • INDIA
  • INVERST IN ICO
  • INVESTMENTS
  • JAPAN
  • MASTERNODES
  • MINING
  • MINING PROJECTS
  • NFTS
  • NFTS INVESTMENTS
  • OCEANIA
  • SINGAPORE
  • SOUTH AMERICA
  • STAKING & YEILD FARMING
  • UAE
  • UK
  • Uncategorized
  • USA
  • VIDEOS
  • WORLD
  • CONTACT US
  • DISCLAIMER
  • PRIVACY POLICY
  • ABOUT US
  • CLASSIFIED
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

No Result
View All Result
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H