CNI News
16 July 2025
The SAC's implementation of the digital currency system may be an effort to reduce inflation and the printing of banknotes, businessman U Aung Pyae Sone told CNI News.
If SAC is to implement a digital currency system, it needs to improve internet connections, build a nationwide network, and strengthen the security of digital currency users, pointed out economic analysts.
Currently in Myanmar, digital money usage is not convenient due to poor internet connections; payment systems are being hacked and money is being lost; and there is a lack of enforcement against those who hack digital money users' money, and that digital money services are being charged irregularly without any set rates, the people pointed out.
Successive governments have tried to build a digital currency system, and the SAC may be trying to implement a digital currency system in order to reduce inflation, businessman U Aung Pyae Sone told CNI News.
While the MMQR system was being introduced
“Successive governments have been trying to implement this digital currency system. Our neighboring countries are also using digital currencies. But what SAC wants to do it at this time, I think, is two parts. As the first part, the SAC tries to move towards a progressive direction with the changes in the global monetary system.Secondly, the SAC has intended to reduce the printing of banknotes, I think. A sure thing is that the Central Bank's printing of new banknotes will be reduced and we will use numbers. In my opinion, the government want to control it," he said.
Economic analysts point out that it will be difficult for the digital currency system to succeed in Myanmar if only 15 percent of the country's population can use digital currency and 85 percent cannot.
Regarding the security of the digital currency system, Ko Zaw Min Naing, an agricultural and economic advisor, told CNI News that hacking by internal employees is more likely than hacking from outside, and that the security of the digital currency system needs to be taken care of.
While the SAC Chairman was being explained about the MMQR system
“Honestly, I think it’s more likely that relevant employees hack more than from those outside. Because there’s not much public sharing about these kinds of things. The public only has access to information about the most talked about things. In fact, bank staffs hack more than external hackers hack. Another thing is online Zha pian, which is related to the public awareness." he said.
Currently, online fraud gangs in Myanmar and internationally are committing online fraud through digital money systems, and some people are facing financial losses because those who hack digital money systems in collaboration with employees of relevant businesses.
Similarly, due to the ongoing fighting across Myanmar, internet access is unavailable and electricity is being cut off, making it very difficult to use digital currency in rural areas, except in major cities such as Yangon, Mandalay, and Nay Pyi Taw. The SAC launched MMQR, Myanmar's National QR Standard for digital payments, in February 2025.
The Myanmar QR (MMQR) system is a national-level digital payment QR code system.
