1. According to Section 40 (e) and Section 62 of the Central Bank of Myanmar Law, the Central Bank of Myanmar is the sole legal entity authorized to issue and administer the local currency.

2. The Central Bank of Myanmar, with the directive 9/2020 released on 15 May 2020, has announced that digital currencies such as cryptocurrency, Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Perfect Money (PM) are not designated as legal currencies, and financial institutions are not allowed to sell/buy them using personal Facebook accounts and web pages.

3. Nonetheless, illegal virtual currency conversion and illegal hundi money transfers involving USDT (cryptocurrency) were found. Legal action is taken against those involved in such transactions in accordance with the provisions of the Anti-Money Laundering Law and the Financial Institutions Law, with the accounts of those involved being frozen and legal proceedings initiated.

4. Therefore, people should refrain from violating the prohibitions in above mentianed paragraph (2) and if they are found to be in violation, their accounts will be closed, as well as imprisonment or fine or both under the Anti-Money Laundering Law and the Financial Institutions Law.

The Central Bank of Myanmar

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