Digital currencies such as Cryptocurrency, Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH); The Central Bank of Myanmar announced on May 24 that it will take action against Perfect Money (PM) and USDT transactions and Hyundai money transfers.
The statement stated that domestically used money is only published and managed by the central bank, and digital currency is not designated as official currency.
Therefore, he said, action will be taken against those who operate Hyundai money transfer business with USDT digital currency.
A digital currency operator told RFA that the central bank is trying to control the devaluation of the Kyat and the increasing number of investors in gold and digital currencies.
"Nobody dares to hold Kyat money anymore. Some bought gold, I bought land. These are also domestically unstable and often tumultuous. People who are close to technology are also collecting digital currency. The main thing is trying to forcefully control the value of the kyat."
He also said that in order to control the fall in the value of the kyat and the rise in the price of gold and the dollar, external foreign exchange businesses and money transfer businesses are frequently inspected.
Last March and April, 31 foreign exchange licensed companies were temporarily suspended by the Central Bank of the Military Council.
However, dollar traders say that the domestic gold price and the dollar have continued to rise to record highs.
This morning on May 25, the bark gold price rose to almost 5200,000 kyats (5,190,000) per kyat, and the US dollar exchange rate reached 4,200 kyats per dollar.
It is impacting Hyundai money transfers and foreign exchange businesses.
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