Central Bank of Myanmar Warn Against Crypto Trading

Central Bank of Myanmar(CBM) has announced that they don’t recognize cryptocurrency as official currency. CBM warns the financial institutions do not accept or transact using cryptocurrency.

According to mmtimes, Crypto traders in Myanmar have been purchasing cryptocurrency using an online payment method. This is growing as the crypto exchanges have been advertising on several social media and this action has alerted CBM.

Skybit is the only local blockchain platform which allows the users to purchase cryptocurrency. U Aung Aung, an IT manager of an international company named Yangon thought to buy bitcoin in 2017 after a conversation with his foreign colleagues. He opened an account at Skybit to purchase bitcoin worth $20 USD.

In Myanmar, it’s difficult to gain information regarding Bitcoin in their local language said, U Aung Aung. There are only a few Facebook groups and Skybit which provide information regarding cryptocurrency locally.

Central Bank of Myanmar announcement has made it more difficult for crypto users in Myanmar and other crypto exchanges to emerge in the country.

U Nyein Chan Soe Win, CEO of Get Myanmar said cryptocurrency trading can’t be called as illegal because there is no official law around it.

U Nyein Chan Soe Win also said,

“before making crypto illegal, its impact on the local currency and compatibility with existing policies should first be analysed and discussed,”

Currently, CBM has not yet officially banned on cryptocurrency but they have just made a warning announcement regarding the cryptocurrency trading.

But still, there is no regulatory authority for cryptocurrency formed in Myanmar. Thus we can’t predict if they are going to be open in allowing crypto trading or will being strict regulations or not like the path India choose to banned cryptocurrency.

Are you from Myanmar? Share your thoughts in the comment below on the Central Bank of Myanmar Warning.