Myanmar may criminalize ownership of cryptocurrencies

The violators face a large fine or imprisonment

25.01.2022 - 08:30

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1 min

What’s new? The Twitter users are actively sharing documents suggesting that Myanmar’s military authorities can impose serious penalties for owning cryptocurrencies and using VPNs.

Yet another dictatorship targets VPNs and Bitcoin.If you want to set up a fascist state, you do not want your people using these tools https://t.co/Zob12DyJr4— Alex Gladstein 🌋 ⚡ (@gladstein) January 24, 2022

“Yet another dictatorship targets VPNs and bitcoin. If you want to set up a fascist state, you do not want your people using these tools,” is how user Alex Gladstein commented on the situation.

What information is contained in the documents? The alleged bill was published by an advisor to the Ministry of Human Rights of Myanmar’s alternative government. The military authorities in that country plan to punish the use of VPNs with 1 to 3 years’ imprisonment. For cryptocurrency transactions, citizens are to face 6 months to 1-year imprisonment or a fine of 5 million Myanmar kyat.

No comments have yet been received from Myanmar’s military authorities representatives in response to the documents posted.

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