Myanmar’s Dictatorship Rule to Curtail Rights of Digital Currency Owners/Users
The people of Myanmar have been living under the military dictatorship rule once again since 2021. Earlier dictatorship rule began in 1962 and lasted in 2011. Since 2011, though the democratic government also worked under the dictates of military rule, which actually never ended.
Now that the military rule is back, therefore, dictatorship is at its peak in Myanmar.
Very recently, the dictatorship government in Myanmar has proposed that certain laws need to be introduced in the country. It was specifically stated by a high-ranked official of the government that crypto is banned completely. Anyone found involved in using digital currencies or accessing virtual private networks would be held accountable. The official further suggested that the proposed laws will provide for jail time up to 3 years in imprisonment for the violators. In addition, the violators will be fined heftily or in the alternative, both sentences can be awarded simultaneously.
Crypto Comeback Pro is the #1 cryptocurrency trading robot for investors! This trading tool has a %88 winning rate on trades and is the recommended trading software for cryptocurrency traders. Try The Trading Software For FREE Today. (Advertisement)
However, the law proposal hasn’t been finalized yet. But it can be ascertained that the military rule is willing to curtail the precious right to liberty. If the laws are passed then jail time of three years maximum is awaiting the individuals if found using VPNs or digital currencies. As regards the fine, it has been proposed that each violator can be fined up to US$ 2,800.
The purpose of the introduction of such laws is to restrict the users in Myanmar not to accessing foreign websites. The military rule does not want the people in Myanmar to engage in any crypto trading abroad. Although, the trading of crypto within Myanmar is not prohibited at all. This can be determined from the fact that it has been proposed that the government will ask for assistance from the local crypto service providers. It has been proposed that local crypto service providers will provide details and data concerning the Myanmar crypto users.
The proposed laws provide different jail times for digital currency users. For instance, a digital currency user can be imprisoned for a minimum of 6 months and 1 one year maximum. However, the amount of fine is the same as will be imposed upon the users of virtual private networks.
The draft of the law has been executed by the Communications Minister namely Soe Thein. Currently, the draft of the law is open for discussion and comments. Under the laws of Myanmar, each citizen of the state has the right to comment and give his or her feedback on the proposed law. As per the media, the law will remain open for receiving comments and feedback until 28th January 2022. But under a dictatorship, usually, public opinion doesn’t matter at all. The final verdict is always with the dictatorship government and therefore chances of the law being passed are bright.
Chip Timing Global is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.