Many changes are currently happening in Myanmar. Political, financial, and industrial changes directly impact the people of Myanmar. Financial institutions in Myanmar have experienced many conflicts among the government, businesses, and customers in recent history. As technology develops, cryptocurrencies are being widely and secretly used, not only globally but also in Myanmar. There are many communities providing cryptocurrency services in Myanmar, but these are not officially authorized by regulators and operate as underground entities.

The cryptocurrency movement in Myanmar gained momentum following the military coup in February 2021. As the junta clamped down on financial freedoms, many turned to decentralized digital currencies to bypass restrictions and maintain financial independence. Cryptocurrencies like Bitcoin, Ethereum, and stablecoins became attractive alternatives for those looking to secure their assets from state control and economic instability.

Amid the limitations and control of the military junta, the one who has shaken up the crypto world of Myanmar is the National Unity Government (NUG). The NUG, the parallel government formed by ousted lawmakers and activists, has recognized the use of cryptocurrencies. They have endorsed the use of digital currencies for fundraising and financing their operations. This includes initiatives like accepting donations in cryptocurrency to support revolutionary activities and humanitarian aid. The National Unity Government established the Spring Development Bank (SDB) with the support of people living abroad. This online financial institution, affiliated with the NUG, leverages cryptocurrencies to facilitate transactions and gather international support. By using blockchain technology, they aim to create a secure and transparent financial system free from junta interference.

There are also many people supporting the crypto market of Myanmar. One such group is the Myan Crypto Community. Their primary goal is to offer extensive and easy-to-understand information about cryptocurrencies in Burmese language. By breaking down complex concepts and presenting them in a relatable manner, they aim to make cryptocurrency education accessible to everyone, regardless of their background. They are dedicated to creating a welcoming and supportive community for those interested in learning about cryptocurrencies. Through forums, workshops, and interactive sessions, they foster an environment where individuals can share knowledge, ask questions, and support each other on their crypto journeys. They also have a vision of delivering information directly to the consumer and are committed to empowering individuals by providing the necessary knowledge to navigate the cryptocurrency space.

Despite the lack of official authorization and regulation, a prominent crypto community has emerged in Myanmar. This community consists of tech-savvy individuals, investors, and enthusiasts who see the potential of cryptocurrencies as an alternative financial system. Platforms like Facebook, Telegram, and various online forums serve as the primary hubs for these crypto enthusiasts to exchange knowledge, conduct transactions, and discuss market trends. Some key players within the community have established underground exchanges to facilitate the trading of popular cryptocurrencies such as Bitcoin, Ethereum, and Tether. These exchanges, although unofficial, have gained a significant user base due to the inefficiencies and lack of trust in traditional financial systems.

Cryptocurrencies hold the promise of financial inclusion for millions of Myanmar citizens who are underserved by traditional banking systems. With proper education and infrastructure, digital currencies can empower people with secure and accessible financial services. By adopting cryptocurrencies, Myanmar can build a more resilient economy less vulnerable to political instability. The ability to conduct international transactions without relying on traditional banking systems offers a lifeline for businesses and individuals alike.

The cryptocurrency movement has garnered attention and support from the global community. International donors and activists can contribute directly to the resistance efforts through cryptocurrency donations, bypassing the junta's financial controls. The prominent crypto community also engages in educational initiatives, hosting webinars and workshops to educate people about the benefits and risks of cryptocurrency. Despite operating in a legal gray area, this community is playing a crucial role in Myanmar's gradual shift towards digital financial solutions, reflecting a broader global trend of increasing interest in decentralized finance (DeFi).

8-June-2024

(Aung Phyo Thu)

aungphyo.org@gmail.com