CBM governor elaborates need of digital currency to reduce cash transactions

Steps are required to develop plans to encourage digital payments for municipal service, tax payments and utility bills such as meter bills and water bills collected by the government across the country, said Daw Than Than Swe, Governor of the Central Bank of Myanmar (CBM).
She remarked at the coordination meeting on digital payment enhancement and strengthening digital payment in Nay Pyi Taw, held on 3 January 2023 at Zabuthiri Hall in Nay Pyi Taw.
She also added the use of mobile apps and QR codes to expand digital transactions in Nay Pyi Taw.
The CBM is prioritizing promoting digital payment, cash use plunge and currency stability. Moreover, a CBM-NET system to handle large payrolls and retail payments were also carried out. It also gives green light to digital wallets and merchant-acquiring service providers. Additionally, digital payment switch systems to facilitate the settlement of small payments between different service providers are also being undertaken.
Awareness campaigns for digital payment enhancement will be conducted at Junction Center and other sites in Nay Pyi Taw. The expo will also feature promotion plans and campaigns. She also discussed matters to turn the capital city into a digital city and called for the ministries, banks, digital wallets and merchant-acquiring service providers to submit action plans to achieve that goal.
The officials from the CBM, Kanbawza Bank, AYA Bank, Asia Green Development Bank, UAB Bank Limited, Myanmar Citizens Bank, Shwe (Rural and Urban) Development Bank, Ayeyarwaddy Farmers Development Bank and mobile money service providers attended the meeting. — TWA/EMM