One of Asian central banks banned digital currency

Those who break the rule will be punished

the Central Bank of Myanmar

One of Asian central banks banned digital currency. Source: unsplash.com

According to information, the Central Bank of Myanmar (CBM) has imposed a ban on digital currencies across the country.

The reason for this is that the CBM doesn’t consider digital currencies such as crypto as legal tender.

Along with that, the Central Bank prohibited all commercial banks to accept or facilitate digital currency transactions. It also has warned that anyone trading in digital currencies will be imprisoned or face fines.

Nevertheless, crypto traders highlight that the bank doesn’t have the authority to make such statements. First of all, they must be supported on the legislative level, and as for now, no law prohibits digital currency trading.

We’ve reported that McDonald’s and Starbucks are participating in a new pilot program for China’s digital yuan.

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