[vc_row][vc_column][vc_paragraph text=”Despite Myanmar government announced at the beginning of the month that Bitcoins and other cryptos are not legal within the country, the local supporters continue using them.“][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Seeking for a path for crypto industry” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Myanmar government often stays away and keeps silent on global issues especially when it comes to trading with Western Asia. Regardless of the isolation, the country supports global sentiments concerning cryptocurrencies, forbidden for usage and transmission.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The Myanmar Times reports that crypto users continue to prosper no matter of the restricted access to information, trade data, sentiments and limitations for crypto products.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Myanmar investors that have online payment opportunities have bought up crypto assets on the growing tendency, and advertising of the local exchange have become more frequent in social media. This have become a matter of concern for the local Central bank (CBM).”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Such users as U Aung Aung are a part of the group supporting digital assets. Like many of his compatriots, Aung uses the little-known “Skybit”, a.k.a. exchange that is the only crypto and blockchain service providers in the region.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Aung considers that the crypto purchase amounting to $20 was their first crypto deal, confirming that the country has no reliable source of information on crypto currencies, so most users rely on Facebook groups.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”But central bank has a different opinion. CBM notes that crypto assets are not a physical thing, unlike gold or printed money. And this means that Myanmar financial system has no room for such products. At the beginning of May the government adopted a law, forbidding crypto industry in its legal framework.”][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Global blockchain” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”2119″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Despite the opposition, crypto proponents go further.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Nain Chan, the Get Myanmar CEO, claims that the Government decision is not a ban, adding that “CBM does not prohibit usage of cryptocurrencies in accordance with the law. It has just issued an explanation”. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Since there is no official law on prohibition, we cannot say that cryptocurrency trading is illegal”, notes Chan.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”He proposes to the Government to use coherent and sensible approach similar to what is being done by world powers like China.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”As Blockchain.News reported, China, France and even the USA have become members of informal coalition that studies blockchain and crypto asset regulation. Using taxpayers’ money, the countries conduct experimental projects, separate the “blockchain zones” and even use them for fighting coronavirus. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”But Myanmar is not the only jurisdiction that considers crypto industry to be illegal. Today we can see the world falling into two groups: those who support “old traditional money” and those advocating the “new”.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Blockchain is certainly the innovative technology but the point is who will be in the lead in the technology development. Many of the technologies get centralized, and we hope blockchain will not become another one.”][/vc_column][/vc_row]
