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MYANMAR – The War on Terror Council has restricted the right to withdraw cash above 200,00,000 kyats from private central banks, forcing people to use the digital currency system, the private banking community said.
“If someone withdraws more than 20 million, they will give out cash up to 20 million. If the remaining money is over 20 million, we will add it to the bank account that will be transferred. Otherwise, we will instruct them to use it as a digital currency in Pay Account or Mobile Banking. Some banks are starting to do it. It has become a mandatory situation,” said an assistant manager of a private bank.
The Central Bank of the Junta Council has instructed private banks to reduce the use of cash and make mandatory changes to the digital currency system and payments.
The CBM-NET System RTGS system for large-scale payments for the Ministry and the public to use digital payments for private banks and mobile financial service companies as of June 12th. Use the CBM-System ACH system for small payments and payments using QR. It was instructed to connect with the currently implemented payment switch.
In terms of digital payments of the Central Bank of the Junta Council, person-to-person payments are set at 50,00,000 kyats per day at 10,00,000 kyats at a time. In the process of payment from a person to a seller, including gold shops, electronic shops, and construction material stores, the maximum transaction volume for the group, including health care centers, is set at 100,00,000 kyats per day.
In addition, the maximum balance of mobile money accounts should be limited to 100,00,000 Kyats, and if it exceeds 100,00,000 Kyats, it should be connected to the bank account and transferred to the bank account daily. Directs the use of mobile banking for person-to-person payments and government payments of up to 100,000 kyats to connect with CBM-NET ACH Function.
For payments of 100,00,000 Kyats or more, the CBM-NET System B2B Function must be used, and bank liaisons are instructed to transfer enough money to the Debit Cap (ACH Allocation) to be able to use the CBM-NET ACH Function 24 hours a day.
To carry out systematic verification to ensure that transactions like merchants cannot be carried out using consumer wallets (buying and selling products using personal payment), the payments are directed to describe the content and limit the number of transactions.