Cryptocurrencies are still in need by crypto enthusiasts in Myanmar

                                 Suthep Chaviwan/Jan 8. 22

All popular cryptocurrencies ranging from Bitcoin and altcoins are still available to sell for crypto enthusiasts to buy on the underground markets in Myanmar. We know that the potential buyers of these digital wallets are from all walks of life including those who live in remote areas that control by armed ethnic groups of this country.

Cryptocurrencies, whose prices are fluctuated, and the stablecoins which price is pegged to fiat money, or exchange-traded commodities with US dollars are always available to buy in Myanmar.

Myanmar's currency exchange knows the method to help clients to get the wallet on the proper channel on the method "knowing your customers" (KYC) that the customers have to show their ID card verification and biometric verification.

Foreigners in Myanmar and local people can also buy Bitcoin and altcoins from the USA directly by using Myanmar Kyat, but it involved them in the uploading of their passport or other documents. 

Anyhow, holding the wallets of cryptocurrency, trading or purchasing digital assets is illegal in Myanmar. It is against the law which was ruled out years ago, before the military government of Gen. Min Aung Hlaing seizing the power. 

The Central Bank of Myanmar (CBM), under the ousted National League for Democracy of Aung San Suu Kyi, had banned cryptocurrencies, and the CBM had always emphasized that it banned all cryptocurrencies in the country.

The announcement of the CBM, said that people trading Bitcoin, Litecoin and other cryptos through their personal Facebook accounts would be subject to regulation and that trading in cryptocurrencies could lead to prison or fines.

Myanmar people want to use cryptocurrency as it is a decentralized digital currency without a central bank. The currency can be sent from user to user or converted into fiat money or government-issued currency like Myanmar Kyat (MMK) by using crypto exchange platforms. 

Interestingly, the National Unity Government in Myanmar (NUG) an unofficial government, led by those faithful to Aung San Suu Kyi has adopted stable coin Tether as a legal currency and will use the Tether (USDT) to make it easy and speed up the current trade, services and payment systems. 

Myanmar's shadow government also said it would allow the use of the world's largest stable coin, Tether, as an official currency, potentially making it easier for it to raise funds and make payments.

NUG currently has no power in Myanmar and doesn't control any territory in Myanmar, but it vows to continue supporting the ousted and detained leader Aung San Suu Kyi and has recognized Tether and using the USDT stable coin to fund its operations as it works for regaining power from the military.

Based on the latest United Nations data. The current population of Myanmar is 55,002,737, and the political situation in the country is uncertain similar to the value markets of bitcoin and altcoins that are highly volatile and fluctuating.

Myanmar's junta chief Min Aung Hlaing said last month, December 2021, that his government has plans to hold a fresh general election on August 2023, such remark is made at the time that Myanmar's ousted leaders, Aung San Suu Kyi and President Win Myint, each received four-year jail terms on charges of inciting dissent and breaking the rules of COVID-19. 

A sentence was reduced from four years after a partial pardon from the country's military chief, Min Aung Hlaing.

When calculating the length of jail term, if the general election takes place, the jailed leaders will still be in jail by that time. If the political party such as the NUG that supports them wins the election and forms the new government in Myanmar. Will the NUG continue to adopt stable coin Tether as a legal currency similar to administration EL Salvador President Nayib Bukele that uses bitcoin as legal tender? 

The abolishment of the traditional Myanmar Kyat (MMK) and replaced by cryptocurrency is always possible (?), we have to wait and see.  

****

Risk warning: This article is for information only and the writer would like to warn that cryptocurrency trading is subject to high market risk, it is difficult that fortune from cryptocurrency can occur overnight. Please make your trades cautiously as the writer will not be responsible for your trading losses. Suthep Chaviwan/Jan 8, 2022