Myanmar crypto ban ineffective as locals continue trading

Myanmar crypto ban ineffective as locals continue trading ...

Myanmar crypto ban has seen many locals continue to embrace the digital assets unperturbed. However, the government still maintains that the Bitcoin and Altcoin ban at the beginning of May still stands. The authorities have said that crypto is not legal but that has not reduced its usage.

The government has not been actively involved in international trading but has turned its focus to the East Asia markets. However, it has toed the line of regulating the local digital money market. This has pushed the authorities to ban the use and transfer of crypto.

Transfers and trades continue despite Myanmar crypto ban

Reports by a local news outlet Myanmar Times indicate that trade and transfer of crypto are still thriving. This comes at a time when information, crypto awareness, and trading trends are limited in the country. Traders and crypto exchanges have taken to social media as the only channel to advertise continue their interaction with digital assets and its underlying technology.

U Aung, a crypto ardent user like other local users does not have any crypto exchange point options. They use Skybit which is obscure. This is the sole crypto exchange point across the country. Aung admits that they rely on available on Facebook social groups since these are the only ways they get information on crypto and other related services.

Contradicting the Myanmar crypto ban

With many developed countries harnessing the power of blockchain, the Myanmar crypto ban appears to be misplaced. The Get Myanmar CEO Nyien Chan says the government through the Central Bank of Myanmar (CBM) prohibiting of crypto use is not backed by law:

The CBM has not prohibited the use of cryptocurrencies under the law. It has just issued an announcement. As there is no official law, it can’t be said that trading in digital currencies is illegal.

He says the government should borrow a leaf from the Chinese government and come up with a better crypto approach. As Cryptopolitan reported there is a need for the government and locals to come together and chat a way forward for crypto holding and transmission.

France, Chine, and the U.S. are piloting various crypto projects. Some are even using the underlying technologies in the fight against COVID-19. Instead of the Myanmar crypto ban, the government should encourage startups to come up with projects that improve the lives of the local crypto community.

Cryptopolitan

 

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