Myanmar's Central Bank Says Cryptos are Banned in the Country
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May 22, 2020
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The Central Bank of Myanmar (CBM) has shared a statement in which it says cryptocurrencies are illegal in the country, as it does not consider them as an official currency.

As a result, cryptos are banned in the country and any user who uses them could be fined or even imprisoned for breaking the law.

However, in spite of the explicit prohibition by the country's central bank, users are not taking it too seriously, as they believe the prohibition is not based on any law.

Local news outlet Myanmar Times has reported the country's central bank issued a statement on May 15 in which it stated financial institutions are not allowed to accept or facilitate transactions with digital currencies, making particular reference to popular cryptocurrencies such as Bitcoin, Litecoin and Ethereum.

However, the announcement is not having the desired effects. Users believe it is just an announcement without any legal basis. Thus, U Nyein Chan Soe Win, CEO of the platform Get Myanmar, has said there is no official law on this matter, so crypto trading is not officially illegal in the country.

This is not the first time the country's central bank shares its negative opinion in relation to cryptos. Thus, last year it warned users not to trade digital currencies due to the risks they entail.

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