Myanmar’s Central Bank Cracks Down on Illegal Digital Currency Trading and Hundi Activities

Warning Issued to Public: Avoid Participation in Illicit Activities

Yangon, Myanmar - The Central Bank of Myanmar (CBM) has announced a nationwide crackdown on unlicensed digital currency trading and hundi activities in the country. The move aims to ensure compliance with the Money Laundering Law and Financial Institutions Law.

Key Developments

• Swift Action Taken: Since May 24, the CBM has taken swift action against individuals and entities involved in these illicit activities.
• Accounts Frozen: As of June 4, a total of 39 bank and pay accounts have been temporarily frozen, pending ongoing investigations into those responsible.

Risks Associated with Illicit Activities

The CBM has warned the public to refrain from participating in illegal digital currency trading and hundi transactions. Participating in these activities can result in significant financial losses, as well as potential legal action, including freezing of bank accounts.

Transparency and Accountability in Myanmar’s Financial Sector

This move by the CBM marks a significant step towards promoting transparency and accountability in Myanmar’s financial sector. The country has been grappling with issues related to digital currency trading and hundi activities, which have raised concerns about money laundering and other illicit activities.

Public Safety Measures

• Report Suspicious Transactions: The public is advised to remain vigilant and report any suspicious transactions or activities to the authorities immediately.
• Collaboration with Authorities: As the CBM continues its efforts to crack down on non-compliance, it is likely that more individuals and entities will be brought to justice for their involvement in these illicit activities.