Central Bank of Myanmar says crypto currencies are banned, but users disagree

The Central Bank of Myanmar (CBM) announced that it does not recognize crypto currencies as official currency and that anyone caught trading in digital assets can be imprisoned or fined.

However, local cryptologists are debating whether the pronouncements have any force in law.

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According to the Myanmar Times, the country’s central bank issued an announcement on 15 May stating that financial institutions are not allowed to accept or facilitate transactions with digital currencies.

The bank referred to the fact that crypto-currencies such as slated for stellar, crisis in defi’s programmatic governance, singled out algorithmic stablecoins, to create a fund of funds, such as thailand’s, go bankrupt despite competitive products, first to accept payments, concentrated in siberia, public testnet trial, blockchain-based file storage, Litecoin (LTC), Ethereum (ETH) and Perfect Money (PM) that are marketed from personal profiles on Facebook are subject to regulations imposed by the CBM. Although the announcement did not mention specific consequences, the bank said that trading in such assets could result in years in prison or heavy fines.

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However, those involved in the crypto coin trade at the local level seem far from being deterred by the announcement. U Nyein Chan Soe Win, CEO of the Get Myanmar platform, said

The MBC has not banned the use of cryptomonies under the law. It has just issued an announcement. As there is no official law, you cannot say that trade in digital currencies is illegal.

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This is not the first time that the central bank of Myanmar has tried to block crypto trade in the country. Cointelegraph reported last year that the CMB urged consumers to stop trading in crypto currencies amid fears that inexperienced users could lose money.

Although the bank is trying to send the message that crypto-currencies are not authorized in Myanmar, it does not appear to have mechanisms or a legal framework to regulate or block their use.