Myanmar's government-in-exile wants $1 billion for its own cryptocurrency

The Myanmar government in exile wants to set up its own central bank and issue a cryptocurrency. 

To do this, she is asking for one billion US dollars from those funds in Myanmar that the US froze in February 2021. At that time, the Myanmar military seized power and deposed the officials elected by the people. 

Waves of arrests, show trials, executions, and other killings of pro-democracy advocates followed.

Some of the legitimate ministers and deputies were able to escape abroad. They have formed a government-in-exile called the National Unity Government (NUG). 

The military in Myanmar does not enjoy the recognition of the international community. The country has fallen into a deep economic and security crisis, and the national currency has lost considerable value.

No direct payout

"We just need the blessing of the US that we can use the frozen money virtually," Tin Tun Naing, Myanmar's exiled finance minister, told Bloomberg. 

The funds are intended to enable the establishment of a central bank in exile with its own cryptocurrency, which in turn is intended to promote efforts to depose the military rulers.

However, the money should not be paid out, but apparently serve as security for the new cryptocurrency: "We know very well that the USA will not release the money in the foreseeable future," admitted the finance minister, "but we want to use this asset virtually. This means that we will use it as the foreign reserve of our NUG central bank."

The government-in-exile has already been creative in raising money. Not only has it issued a bond, but it has also "auctioned" two mansions owned by coup leader Min Aung Hlaing and his family. 

This "auction" has raised $53 million, although the highest bidders shouldn't expect access to the properties anytime soon. 

The military dictatorship first went about banning virtual private networks (VPN) and cryptocurrencies. Meanwhile, those in power are planning to issue their own cryptocurrencies.