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2020-05-22

Crypto ban in Mayanmar?

The Central Bank of Myanmar (CBM) has announced that it does not consider the crypto currency to be official and anyone who catches themselves trading in digital assets may be imprisoned or fined.

However, local crypto enthusiasts question whether these statements have any legal force. 

According to a report by the "Myanmar Times", the country's central bank issued a communiqué on 15 May, stating that financial institutions cannot accept or facilitate transactions using digital currencies. 

The bank referred to crypto currencies, including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Perfect Money (PM), which are traded from personal Facebook profiles, as being subject to laws enforced by the CBM. Although no specific consequences were mentioned in the announcement, the bank said that trading in such assets could result in years of imprisonment or high fines.

Although the bank is trying to send out a message that the surreptitious currency is unauthorized in Myanmar, it does not seem to have the mechanisms or legal framework to regulate or block its use.