Myanmar’s Military Junta Imposes Crypto Ban; Penalty of Up to One Year Imprisonment
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The military junta in Myanmar has recently drafted a bill that seeks to ban the use of digital currencies and virtual private networks (VPNs) in the Southeast Asian country.
The bill, which has already been signed by the junta’s permanent secretary for Transport and Communications Ministry, Soe Thein, is still undergoing a request for comments until Jan. 28 before it will be officially adopted.
This new bill is targeted at closing off Myanmar digitally from the outside world and citizens who fail to abide by the laws would have to face different penalties, ranging from prison terms of up to one year for crypto trading and up to 3 years for VPN use and fines of up to $2,800.
Additionally, the bill will mandate service providers in Myanmar to disclose customers’ personal information, including name, address, access history, and more whenever the government demands of them.
This new development comes as a massive blow to the country’s residents. Since the country experienced a military coup earlier in February 2020, the newly established Tatmadaw made every effort to seal off the country from any interaction with the outside world, banning Facebook, Instagram, Twitter, and other social media platforms.
To access these platforms, many in Myanmar have relied heavily on VPNs. Several telecommunications companies had to pack up when the junta demanded that they reveal customers’ personal details.
Shadow Government Adopt USDT
Recall that earlier in December 2021, Myanmar’s shadow government had adopted USDT as the country’s official currency to bypass the restrictions placed on its operations.
The adoption, which had come as a welcome development by a majority of the country’s residents, would help in the fundraising campaign aimed at combating the current military junta regime in Myanmar.
However, once this new proposed bill gets adopted, it would also restrict the use of this digital currency, USDT, once again limiting the activities of the shadow government.
Countries Move to Ban Crypto
While the entire cryptocurrency industry is growing at a breakneck pace, with several large institutional investors coming into the space, some countries have continued to maintain a strict stand against the nascent industry.
Recently, the Pakistani government revealed that it is still pushing for a total ban on crypto and every related activity, including mining and trading.
Russia’s central bank also proposed an outright ban on crypto, citing volatility and other regulatory concerns.
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