Central Bank of Myanmar warns against use and trade of cryptocurrencies
29 May 2019
On 3 May 2019, the Central Bank of Myanmar (“CBM”) issued an announcement clarifying that it does not recognise digital currencies as legal tender. The CBM also stated that financial institutions in Myanmar are not allowed to accept or facilitate transactions involving digital currencies and transactions and exchanges (including through online platforms such as Facebook) involving digital currencies such as Bitcoin, Litecoin, Ethereum, Perfect Money and other currencies of a similar nature are not recognised as legally permissible transactions.