While the NUGPay starts, the temporary halt of the Spring Lottery would sell back, the Union Minister (U) Htin Linn Aung, the Ministry of Communications, Information and Technology – the National Unity Government – NUG said.
(U) Htin Linn Aung said that at the NUG press conference last night. “There are a lot of difficulties with the Spring Lottery. When we go to make payment, we use a payment platform like registering a phone number in domestic, there are a lot of difficulties. We emphasize the safety of the people. Therefore, we have to stop running the Spring Lottery. When we launch the NUG Pay, we might run this Spring Lottery back.”, H.E. (U)Htin Linn Aung continued.
The Ministry of Planning, Finance and Investments- The NUG has introduced the First Blockchain Technological Digital Myanmar Kyat (DMMK) in Myanmar and it can be used with the NUGPay Payment Application.
One unit of the Digital Myanmar Kyat (DMMK) is equal to One Kyat and has a background with hard currency, therefore it cannot fluctuate like the Cryptocurrency in the market, the H.E. (U) Htin Linn Aung continued.
“It can guarantee to use over money transfer trustfully. It is used in Myanmar Kyat. It can say that it is a mortgage money background which is a financial guarantee behind the cash to be transferred behind the cash flow. I’d like to answer exactly that that real actual amount of money that we have right now is going to launch and operate on it. As a layman language, if you pay one, you will get one back. It doesn’t mean operating this cash flow making this application without money. We have the amount of money equal to that money in a bank.”, H.E. (U) Htin linn Aung said.
It has been planned to launch The NUGPay in Myanmar, Thailand, Singapore, South Korea, Australia, UK and US, it will initially launch the Pilot Project with (1000) Agents and a total of (10000) NUGPay Wallets, it has announced.
While the NUGPay might be helpful in the Spring Revolution, the businesspeople are speculating that there may be needs for local currency operation.
“Someone will deposit money to the agent, deposit the money as cash in or present mobile banking. When we already deposit it, we can donate what we want without fear. I need to careful in transfer that deposit to an agent. This is a huge support for the revolution. It is same thing that games playing. We buy units and open an account. So, it cannot be widely used in the business.”, a rice businessman based in Yangon said.
On June 10th, the Central Bank of Myanmar under the terrorist SAC, issued a statement in counter-pressure of the NUG’s introduction of the NUGPay. According to the statement, the Central Bank of Myanmar will provide mobile banking services to (18) banks, (10) banks for the internet, (8) banks are only allowed to make mobile payments. If people use unauthorized mobile payments, they have threatened to take action under Section 172 of the Financial Institutions Law.
As the NUGPay is being built as a unit-based currency, there has been said that it could become a more secure payment system for consumers.
“It is simple, I will pay in cash and buy units. This unit will only be handled by people in this community. Then, there is no need to use the Pay under the SAC. Even if we support the revolution, we have to use the Pay of the SAC. If a worker in Thailand wants to send cash to his house, he will go to the NUGPay agent in Thailand and will deposit the money. We will transfer people who want the NUGPay locally, you will be able to get the cash back from it.”, a vice manager from a microfinance company said.
Although the NUG has announced an introduction to the NUGPay, they have not announced the date when it will launch, it is known that.