Myanmar military intends to ban cryptocurrencies and VPNs – Bits Media

Myanmar Military Junta, seized power early last year, proposed a bill, prohibiting citizens from using cryptocurrencies and VPNs. The penalty for violating prohibitions is imprisonment.

Advisor to the Ministry of Human Rights of the opposition Myanmar government Aung Kyaw Moe (Aung Kyaw Moe) reported, that the document was signed by the permanent secretary of the Ministry of Military Transport and Communications Soe Thein (Soe Thein). 

It is proposed to introduce punishment for the use of cryptocurrencies in the form of imprisonment for a period of 6 months to 1 of the year, or a fine of up to 5 million kyats ($2 800). For using a VPN, citizens will receive a prison sentence from 1 to 3 years old, or they can “get off” with a fine of 5 million kyats.

The document also obliges service providers, including in the field of cryptocurrencies, upon the first request from the authorities, transfer to them personal data of clients, including name, address and history of service use. In September 2021 of the year, when the junta tried to force the Norwegian telecom operator Telenor to provide such data, operator left the country.

Interesting, that in mid-December the shadow government of Myanmar chose USDT as its official currency. Moreover, in 2020 year, the country's Central Bank outlawed cryptocurrencies, however, it was not previously proposed to impose prison sentences for the use of digital currencies.