25 May 2024
According to Section 40(e) and Section 62 of the Central Bank of Myanmar Law, the Central Bank of Myanmar is the sole issuer and administrator of the local currency, digital currencies such as Cryptocurrency: Bitcoin(BTC). Litecoin (LTC) Ethereum (ETH) & Perfect Money (PM): Not recognized as official currency and not authorized by financial institutions to carry out sales/purchase exchanges. Selling/buying and exchanges digital currencies using Personal Facebook Accounts and Web Pages are not allowed yet.
Now, it has been found that illegal digital currencies, including USDT, are being sold/exchanged in the country, and they are using USDT to carry out Hyundai activities. In accordance with the provisions of the Law on Anti-Money Laundering and the Law on Financial Institutions is being taken closing accounts and Legal action.
Therefore, people should refrain from participating in the prohibitions in paragraph (2) above and the Central Bank of Myanmar announced that those who are found to be in violation of the Anti-Money Laundering Law will be sentenced to imprisonment or a fine and both.
