Excerpts of the Central Bank of Myanmar Crypto Services

Q. Cryptocurrency occurs because the cause of the potential risk of loss and function need to know.

Answer. Cryptocurrency gold (or something) other backers are not published and printed financial mathematics and technology (Mathematical Algorithm) code issued by the Identification Technology based on (Cryptography) Digital Currency (digital currency).

Using Cryptocurrency's weaknesses never officially recognize financial losses arising from the lack of legal guarantees that will protect consumption, Interest due to rising prices and a high risk of losing investors Cryptocurrency Hackers harass secure enough to steal any time and money laundering (Money Laundering), Terrorists Funding (Terrorist Financing), Tax avoidance (Tax Evasion) and to commit fraud (Fraud) is developing are.

Many are using the current published Cryptocurrency most in depth using Bitcoin .Bitcoin Cryptocurrency consumption to prevent the risk of loss that may arise because some countries have issued rules. Japan's Service Act (2016), Japan Bitcoin and other Cryptocurrencies and non-payment of its official currency purchases by the Central Bank of China identified Bitcoin trade and private organizations are allowed, but December 2 13 5 ရက်ကစပြီး efforts to prevent financial institutions such as banks.

The Central Bank of Bangladesh under Virtual Currency User Bangladesh's Anti-money Laundering Law and infringes 2 would be considered punishment was announced on September 14.

Access to the Central Bank of India, including Bitcoin Virtual Currency for any organization, No license is given the authority given to the company statement. Indonesia's central bank on January 2 18 13 payments, including a Bitcoin Virtual Currencies are not the official currency, Malaysia's central bank, Bitcoin is officially recognized as a financial road map The Monetary Authority of Singapore for non-real Bitcoin currency should be aware that investing in Bitcoin is a high risk of losing it issued several warnings.

2 in 16 Myanmar companies to invest in the purchase of the S-Coin organized public discussions, according to information of the Central Bank of Myanmar on alert due to the advances in IT technology in the worldwide financial technology (Financial Technology) in what was the emergence of several issues with online financial transactions Measured by Internet, e-banking, i-banking, Use Mobile Banking Credit Card payments can enter through the banking sector (Banking Sector) illegal financial flows and money laundering by banks, there is also focused on the banking and information verification (Customer Due Diligence-CDD) to enhance participants '' on December 2 16 22 warning letter sent to the banks.

2 of 17 on June 9, the instructions issued by the Central Bank, banks In accordance with the guidelines, to enhance the process of AML / CFT No rationale for a cash deposit, Withdraw The money transfer service that was found as a suspicious currency transactions reports with the Financial Intelligence Report Team Bank careless regarding AML / CFT issues in the bank to use the service frequently must also be management actions Slick was notified.

Myanmar, a high risk of loss, including Bitcoin and other investments on Cryptocurrencies through attracting investment through public campaigning in order to prohibit the use of Cryptocurrency set a prohibition of trade in violation of the AML / CFT rules Status Sensitization should statement. Cryptocurrency can use hardware or software sales have been banned by Cryptocurrency Deals Website Mobile control software and other third-party service providers are prohibited, should be undertaken.

2 of 18 on February 23 that the central bank, the Board of Directors Meeting (Board of Directors' Meeting)