The Central Bank of Burma has announced a total ban on the use of digital currencies. He stated that he did not recognize cryptocurrency as a means of payment, and every person trading them should be fined or sent to prison. Digital currency enthusiasts question the Central Bank’s announcement because they think the ban has no legal basis.
The Central Bank of Burma prohibits trade kryptowalutami
According report local media, and more specifically the Myanmar Times, May 15 central bank of Burma issued a statementin which he announced that financial institutions could not accept or facilitate transactions using digital currencies.
The bank referred to kryptowaluty, including Bitcoin (BTC) litecoin (LTC) Ethereum (ETH), as well as virtual currencies such as Perfect Money (PM), which were traded from personal Facebook profiles, recognizing that they are subject to laws enforced by the Central Bank. Although the announcement did not mention specific consequences, the bank said that trading in cryptocurrencies could result in imprisonment or high fines.
There are no legal grounds to enforce the ban
However, it appears that those involved in local cryptocurrency trade are not too discouraged by this announcement. U Nyein Chan Soe Win, CEO (CEO) the platform Get Myanmar, said:
The Central Bank of Burma has not banned the use of cryptocurrencies on the basis of legal provisions. He just issued an announcement. Since there is no official law, it cannot be said that digital currency trading is illegal.
This is not the first time the Birmijski Central Bank has been trying to stop cryptocurrency trading. Last year, he called on consumers to stop trading in digital currencies due to fears that inexperienced users may lose their money quickly.
Although the bank is trying to warn that cryptocurrencies are illegal in Burma, it does not appear to have any mechanisms or legal bases to regulate or prohibit them completely.
If you are interested in regulating cryptocurrencies, be sure to read the article we wrote yesterday: A new bill in Russia may outlaw cryptocurrencies.