This is an op-ed by Win Ko Ko Aung, a McCourt scholar for Georgetown University’s Data Science Program in Public Policy and a survivor of the 2021 Myanmar military coup.
As the 2024 US presidential election campaign gets underway, one of the candidates, Robert F. Kennedy Jr., has taken to Twitter to express his support for bitcoin. in a tweetstated that “Bitcoin has been a lifesaver for people’s movements all over the world, especially in Burma.”
myanmar, Also known as Burma, is a country located in Southeast Asia, bordering China, India, Thailand, Laos and Bangladesh. The country has stunning natural beauty, including pristine beaches, vast forests, and a rich Buddhist culture. Despite these attractions, Myanmar has I was tortured by the world’s longest civil warwhich has been going on for more than 70 years, since it was realized independence in 1945. The country has also witnessed many military coups throughout its history, which has led to political instability and economic turmoil. In addition, the The government has a history of demonizing the local currencyThere have been frequent banking crises.
One of the most notable cases of currency demonetization occurred in Myanmar in 1987, which led to the historic “8888 uprising.” On September 5, 1987, military dictator Ne Win He announced the abolition of circulation in Myanmar banknotes in denominations of 25, 35 and 75 kyat Without prior notice or replacement for citizens. At that time, these notes represented 80% of trading is in the economy. Previous demonetization efforts in 1964 and 1985 He compensated the owners with goodwill, making this move in 1987 particularly unexpected and devastating to the people of Myanmar. The choice to demonize these particular individual sects has given rise to great speculation, as they were thought to have a special status. It is widely believed that Ne Win, who was deeply superstitious, considered these figures favorable for the country and for himself on a personal level.
The era of transformation in Myanmar began with US President Barack Obama’s visit to the country in 2012followed by First civilian elections in 2015, which was a milestone on the country’s path towards democracy. However, the 2021 military coup in Myanmar He set the country back a decade. The military takeover in February 2021 triggered widespread protests and violence across the country, with thousands of people taking to the streets to demand the release of detained political leaders, including State Counselor Aung San Suu Kyi and President U Win Myint and restore democracy.
But in the aftermath of the military coup in February 2021, the army brutally cracked down on civilians protesting against the regime. Reports indicate that the military had resorted to extreme measures to suppress dissent, including shooting protesters on the spot and arresting individuals, some of whom were found murdered the next day. The SCAF has also taken steps to silence activists and journalists who have spoken out against the coup on social media before freeze their bank accounts, making it difficult for them to access their personal money and savings. These actions have drawn widespread condemnation from the international community and raised concerns about the deteriorating human rights situation in Myanmar.
source from antsLee, a group that raises funds for the Myanmar democracy movement, revealed that many of its members and their friends have had their bank accounts frozen by the military regime since they began fundraising efforts in October 2021. These efforts have also led to arrests and questioning of activists’ families. In response to the situation, a 22-year-old ANTS activist told me, “To get around the freezing of their bank accounts, ANTS changed their fundraising strategy to take bank information privately and instruct donors to write online shopping payments in the notes section to reduce the risk of exposure.”
Aiding resistance groups in Myanmar poses a great risk to individuals regardless of social hierarchy. Even donating as little as $10 to these groups It led to ten years in prison for some individuals. In one case, a well-known jeweler in the Mandalay region was arrested for allegedly supporting the resistance, which led to the confiscation of his assets, including property, businesses and A staggering 193 tons of rough jade Its value is estimated at 12 billion kyats (equivalent to about $5.7 million).
Alternatives, but not solutions
Moreover, the group revealed that they are exploring alternative digital payment options such as NUGPayIt is an experimental cryptocurrency platform launched by the parallel government of Myanmar National unity government (NUG). However, as one of its members explained, “Our donors are reluctant to use the platform because it requires opening a bank account with an agent located either inside or outside Myanmar. And who can guarantee that it is completely safe for the agent and users in terms of data security? It seems that the risk is doubled from using the banking system.” traditional.”
But NUGPay, which is a cryptocurrency platform built on Stellar Network is open sourcefaced data security concerns from many people.
As of May 28, 2023, Blockchain Stellar has recorded 26,950 lines of trust using the platform. However, the Exxon Film Investment mobile app – which allegedly entices users with interest-return incentives – has been I managed to defraud more than 30,000 people in Myanmarcreating a number of users who are now discouraged from exploring digital currencies such as Bitcoin bypassing NUGPay’s entire user base, highlighting the challenges of ensuring the security of digital financial transactions in Myanmar.
“I think from my experience, many local youths still don’t believe in the potential of digital currency,” Feliz, founder Mian encryption, a local cryptocurrency education community, tell me. “He is still skeptical of our society. Not to mention the elderly.”
He added, “A lot of people in our community have come into the bitcoin and cryptocurrency trading industry because they’re kind of cash rich but they don’t know what to do with this economic fallout.”
Regarding NUGPay, Velez expressed concerns about its limited adoption, saying, “I think the problem with NUGPay is limited adoption. Bitcoin and cryptocurrency traders do not use or hesitate to use NUGPay due to its limited acceptance. Even (a) a user who is not subject to military access does not know what NUGPay is using other than backing up resistance.”
How Bitcoin can help those who are resisting the army in Myanmar
But Bitcoin could serve as a better alternative for those in Myanmar who are cut off from traditional banking services or fear a depreciation of the currency.
research conducted by Myanmar Bitcoin Initiative He explains that while the value of kyat has fallen by more than 35% since the military coup, the price of bitcoin has doubled in the same period. Before the coup, the price of 1 BTC was around 500 million kyat, but it is hovering around 1 billion kyat on Peer-to-peer exchange Binance As of this writing.
“We believe that the adoption of bitcoin and other digital currencies in Myanmar will be a gradual process, given the current economic environment and the fragile tolerance of risk of the majority of the people,” said Lee, a representative of the Myanmar Bitcoin Initiative. “However, we see growth potential due to the country’s previous experiences with technology leaps. With a smartphone penetration rate of 78% and only 36% of the population having a bank account, many people in Myanmar are looking for an alternative to traditional account banking. By promoting For a form of currency that no one can control, we aim to help people regain their property rights in a digital way and free themselves from the monetary policy of the military regime. We believe it is only a matter of time before more people in Myanmar begin to recognize the benefits of Bitcoin.”
Highlighting another powerful example of how Bitcoin can help those in Myanmar “check your financial privilege,” author Alex Gladstein writes:
“As a personal example, someone reached out to me at the beginning of the Myanmar revolution in February 2021. They wanted to provide assistance to the democracy movement, but the banking system was practically closed, and there was no easy way to transfer dollars. After doing some research, we were introduced to an aid worker who turned To an activist who was also a bitcoin user. He could easily accept a donation and hold it in BTC and then sell it on peer-to-peer markets when he needed to spend his collapsing local kyat on goods. Address sent via Signal, gift given within minutes. No barriers, no middlemen, no Potential for corruption along the way. It’s just a small example, but a glimpse of what the future could hold.”
This is a guest post by Win Ko Ko Aung. The opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.