The junta-controlled Central Bank of Myanmar (CBM) has announced plans to create digital money to reduce the use of banknotes, according to the CBM and its officials.
The CBM said in a public statement issued on June 24 that it had formed a new, junta-approved committee of 13 members, including a deputy governor of the bank, to design and plan for the issuance of the new Central Bank Digital Currency (CBDC).
According to its directive from the junta, the committee is tasked with studying and analysing the best methods, technologies, and regulatory frameworks to use in ensuring the successful introduction of the CBDC into the economy, as well as assess its potential impacts on payments systems and monetary policy.
The committee will also be responsible for overseeing and maintaining the infrastructural foundations, funding, and regulation of the digital currency after it is introduced.
Dr. . .
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