TL;DR Breakdown
- Myanmar junta places ban on cryptocurrencies.
- Violators of ban to face 6 months to1 year prison sentence.
- Myanmar locals against ban on cryptocurrencies.
The Myanmar military junta has proposed a legislation to ban Virtual Private Networks(VPNs) and crypto through new cyber security law.
According to the recently drafted bill, locals who flout the VPN bill could be sentenced to 1 to 3 years or fined up to 5 million Myanmar Kyats, while crypto users who violate the law may face six months to one year of imprisonment and fine.
The law also mandates service providers to submit users’ personal information to the military leadership. The information will include their names, addresses, and access history.
As a result of a similar policy of the authorities, the Norwegian mobile carrier Telenor left Myanmar in September 2021.
The junta has also placed a ban on social media, including Facebook, Instagram, and Twitter in the country.
Myanmar locals rebel against crypto ban
Myanmar’s Central Bank banned digital currencies long before the coup. However, digital assets have since become a symbol of hope for the ousted Government. Digital assets of all forms faced the hammer on 15 May 2020. The National Unity Government (NUG) has turned to cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) to fund a possible revolution against the junta regime.
“It is a weapon. It is a beacon of hope against corrupt leadership. People are becoming more aware of how things work and I hope that, soon, a fair number will realize that so much more could be done, including putting in the effort to overthrow the military Government, which the majority of the population despises,” Thai PBS world quoted an unidentified trader saying.
According to military leadership, anti-Government groups have received funding in digital assets. The junta regime has declared the NUG as a terrorist group, which may explain the latest act.
Source: https://www.cryptopolitan.com/myanmar-junta-crackdown-on-cryptocurrencies/