Express

Myanmar Central Bank Claims Crypto Is Banned, Users Disagree

Summary: The Central Bank of Myanmar (CBM) announced that it does not recognize cryptocurrencies as an official currency and anyone caught trading digital assets can be imprisoned or fined.But local crypto enthusiasts dispute whether the pronouncements have any force in law. The country’s central bank issued an announcement on May 15 stating that financial institutions are not ...

The Central Bank of Myanmar (CBM) announced that it does not recognize cryptocurrencies as an official currency and anyone caught trading digital assets can be imprisoned or fined.
But local crypto enthusiasts dispute whether the pronouncements have any force in law.
The country’s central bank issued an announcement on May 15 stating that financial institutions are not allowed to accept or facilitate transactions using digital currencies. Though the announcement did not mention specific consequences, the bank said trading in such assets could result in years in prison or hefty fines.

Tracy Chen