- The Federal Reserve Bank of New York has been freezing funds since February 2021.
- The money is essential to the country’s “revolutionary efforts,” according to the minister.
The Myanmar government, which was overthrown in a coup in 2021, announced its intention to issue digital money after half a year using funds that were previously blocked.
Tin Tun Ning, the planning minister for Myanmar’s exiled government of national unity, called for the “blessing of the United States” to “actually” tap the country’s reserves in an interview with Bloomberg on Tuesday. These deposits have been frozen before Federal Reserve Bank of New York Since February 2021.
A step to improve financial stability
According to Bloomberg, the funds Naing is referring to could be worth billions of dollars and have been frozen in Singaporean, Thai and Japanese banks. Ning believes that the United States will choose to provide these assets directly to the GNU, but raises the possibility that they will be used as reserves to support the digital currency of the exiled alternative central bank. The funds are essential to the country’s “revolutionary efforts.”
many members Government of National Unity He was elected in a free and fair election in November 2020 but was forced out of office in February 2021 by the country’s long-running military junta. It issued revolutionary bonds and auctioned the house of junta leader Min Aung Hlaing in an effort to raise funds.
A spokesperson for the junta announced plans to create a digital currency to facilitate local payments in Myanmar and “help improve financial activities” in the country in February 2022. The Central Bank of Myanmar issued a warning before the military took control of anyone caught trading digital assets in Myanmar that may face imprisonment or a fine.
On the other hand, the Government of National Unity announced Rope (USDT), a stablecoin to be formalized in December 2021.
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