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Economics

Exiles Put Crypto, Fed Funds at Center of Myanmar Finance Plan

  • Group wants backing for digital currency, new central bank
  • Opposition has held mock auctions, bond sales to raise funds
Tin Tun Naing, the exiled National Unity Government’s minister of planning, finance and investment, speaks to members of the media in 2021. 

Tin Tun Naing, the exiled National Unity Government’s minister of planning, finance and investment, speaks to members of the media in 2021. 

Source: AFP/Getty Images 

Myanmar exiles ousted in a 2021 coup are pressing the Federal Reserve to endorse their bid to use $1 billion in funds frozen by the US to back a digital currency and a plan to establish a new central bank. 

It’s a long-shot measure to help the shadow government led by allies of deposed leader Aung San Suu Kyi bolster its support amid a worsening economic and political crisis in the country sparked by last year’s military coup.