Travel in Myanmar has been closed for a very long time and sanctions that were put in place by other nations have meant that the country’s development in terms of electronic payment has been incredibly slow.
Most places in the country do not accept credit cards and this prevents many people from travelling to the region. It is possible that major reform in the country could mean that credit cards start being accepted which will make it much easier for foreign business people to do business in the country.
Hillary Clinton, the Secretary of State has announced that financial restrictions which have made credit cards difficult in the country are going to be eased. This announcement has come after landmark elections which have seen a democratic icon win a seat in the country’s parliament.
The timeline about the easing of sanctions has not yet been announced but the United States have said that making electronic commerce available in the country is going to be one of their top priorities in dealing with the nation.
A senior official from the US government has stated, “There are very few countries in the world where it is impossible to pay by credit card and Myanmar is one of them. This makes even doing the most basic sort of economic exchange challenging. By lifting these restrictions, it is going to be much easier for people to do business in the country and this applies to both locals and foreigners.” The United States has announced its intentions to restore diplomatic relations with the country after 20 years of there being no diplomatic contact.