Myanmar’s crypto battles
Join Our Telegram channel to stay up to date on breaking news coverage Myanmar’s economy has been crippled since the February 1, 2021 coup. The World Bank predicted that it would contract by 18% per year. As a result, the Myanmar kyat has lost 60% of its value as of September 2021. This is an all-time low: on September 17, 2021, the black market value of Myanmar kyats (MMK) to US dollars (USD) was 2200, down from 1330 before the coup. These facts demonstrate the public’s mistrust of the military-led State Administration Council (SAC). People’s reliance on banking systems and the entire financial mechanism has been reduced. It pushes Myanmarese people to use cryptocurrencies as an alternative currency. Both the SAC and the shadow National Unity Government (NUG) acknowledged this requirement with their respective mandates: the former to use digital currency to heal the crippled economy and avoid sanctions, and the latter to separate the existing currency from th...