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Myanmar Plans Central Bank Digital Currency Despite Surveillance Concerns

The military junta ruling Myanmar is set to introduce a central bank digital currency (CBDC) alongside the country’s existing kyat currency. This decision comes as Myanmar struggles to recover from the economic fallout of last year’s coup.

Economic Recovery and CBDC Benefits

According to Deputy Information Minister Maj. Gen. Zaw Min Tun, the introduction of a CBDC will improve financial inclusion and speed up transactions. The World Bank forecasts a 1% growth rate this year after an 18% contraction in 2021.

However, experts warn that CBDCs come with significant surveillance risks, which could undermine the country’s already fragile human rights situation.

Surveillance Risks and Human Rights Concerns

• CBDCs rely on linking users’ identities to their accounts, making it difficult for individuals to maintain anonymity.
• This raises concerns about the potential for surveillance and control in countries with poor human rights records like Myanmar.
• “Daily atrocities” committed by the military have led to widespread detention, torture, and killings, according to Human Rights Watch Asia Director Brad Adams.

Controllable Anonymity: A Viable Option?

While some experts suggest that controllable anonymity could be a viable option, Myanmar’s government is likely to prioritize security over privacy. Mu Changchun, director of the Digital Currency Research Institute at the People’s Bank of China, stated that “a completely anonymous central bank digital currency is not an option.”

Implications for Human Rights Situation

The introduction of a CBDC in Myanmar will likely have significant implications for the country’s already precarious human rights situation. As the government weighs the benefits and risks of this new technology, it must consider the potential consequences for individuals and civil society groups.

Financial Inclusion vs. Surveillance Risks

• The planned introduction of a CBDC in Myanmar raises concerns about financial inclusion.
• Experts warn that CBDCs come with significant surveillance risks, which could undermine the country’s already fragile human rights situation.

Privacy and Security Concerns

• The decision to launch a CBDC alongside the kyat currency comes as the military junta continues to commit atrocities, including detention, torture, and killings.
• Experts warn that CBDCs rely on linking users’ identities to their accounts, making it difficult for individuals to maintain anonymity. This raises concerns about the potential for surveillance and control in countries with poor human rights records like Myanmar.

Conclusion

The planned introduction of a central bank digital currency (CBDC) in Myanmar has raised significant concerns about surveillance risks, financial inclusion, and human rights. As the government weighs the benefits and risks of this new technology, it must consider the potential consequences for individuals and civil society groups.