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DMMK

Digital Myanmar Kyat (DMMK) is a fiat-backed digital currency that will perform the functions of a CBDC.

The DMMK system was created with the principles of independence, accessibility, innovation, and safety in mind. These design principles are based on an assessment of current economic constraints, security, technological support, and cost-benefit analysis. In addition, currency properties, operating model, developing a digital wallet ecosystem, compliance, and responsibilities, technological roadmap choices, and regulatory system studies have all been undertaken and revised. The goal is to create a DMMK system design plan that is independent, secure, inclusive, and reliable for Myanmar. The characteristics of the DMMK are as follows:

  • DMMK is a fiat-backed national digital currency, issued by the National Unity Government, the only legitimate government of the Republic of the Union of Myanmar, and operated by MOPFI's authorized agents. DMMK has all the functions of money such as a unit of account, medium of exchange, and store of value. Similar to the fiat currency Myanmar Kyat, DMMK is a legal currency of Myanmar. DMMK is backed by sovereign credit and fiat currency.
  • DMMK adopts the centralized management model and a two-tier operation system. The NUG owns the right to issue DMMK. The MOPFI is at the center of the DMMK system's operations, distributes DMMK to authorized agents, and oversees the currency's entire life cycle. MOPFI authorized agents and other partner institutions are responsible for exchanging and circulating DMMK among the general public.
  • DMMK will coexist alongside the Myanmar Kyat (MMK). DMMK is a digital currency that is created for efficient payments and transactions. People can use Myanmar Kyat or DMMK as they prefer as both are accepted as legal tender.
  • DMMK mainly serves retail payment demands. CBDC is divided into two types: wholesale and retail, based on the user and purpose. Wholesale CBDC is primarily issued to institutions such as commercial banks and is used to settle significant amounts of money. Retail CBDC is issued to the public for daily transactions. The goals of major countries and economies in creating CBDC vary, with some focusing on wholesale transactions and others focusing on enhancing the efficiency of the retail system. The DMMK will function as a retail CBDC that is available to the public. The issuing of DMMK will fully meet the public's everyday payment needs, increase the efficiency of the retail payment system, secure transactions, and lower the cost of retail payments in Myanmar.
  • DMMK will be a token-based Currency. Users shall top up their digital wallet accounts via authorized agents.
  • DMMK shall be distributed to the end-users through the digital wallet named “NUGPay”.