Illegal digital currency converters face legal action

The Central Bank of Myanmar (CBM) warned individuals not to get involved in exchanges of digital currencies, such as cryptocurrency, bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Perfect Money (PM) through social media platforms (Facebook, websites), according to its directive 9/2020 released on 15 May 2020.
Nonetheless, illegal virtual currency conversion and illegal hundi money transfers with USDT (cryptocurrency) were found, notified CBM on 24 May 2024.
Those involved in illegal digital exchanges are subject to frozen accounts and legal action under provisions stipulated by the Anti-Money Laundering Law and Financial Institution Law.
Therefore, the individuals need to follow the directive of the CBM. Those who are found to violate the prohibitions are convicted, and their accounts shall be terminated. Moreover, they are liable to be fined or imprisoned under the Anti-Money Laundering Law and Financial Institution Law, CBM warned. — TWA/EM