How Crypto and Blockchain Could Affect The Country Of Myanmar After The Military’s Cybersecurity Legal Proposal

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myanmar proposal cryptocurrency ban

Myanmar is a country of over 60 million people, and they are currently in the process of evolving politically and socially. One key part of this development is their new cybersecurity law. Myanmar has a long history of military rule, but now they are looking to take steps towards developing into an open democracy.

The military’s proposed cybersecurity law will regulate VPNs, cryptography, and other digital security measures. This law would create an environment that would limit internet freedoms for many users in the country and make it more difficult to use cryptocurrency as well. With these new regulations, how does Bitcoin fare in comparison? Read on to find out!

The Myanmar military proposes regulating VPNs and cryptography in a new cyber security law. Bitcoin’s price fell by 5.51%; Shiba Inu’s price fell by 13.49%.

In a new cyber security law, Myanmar’s military has proposed legislation banning Virtual Private Networks (VPNs) and cryptography. According to a recently drafted bill, VPN users could face imprisonment for up to 3 years and a fine of up to 5 million Myanmar Kyats, while crypto users could face imprisonment for six months to one year and a fine. 

At 5:30 pm IST, Bitcoin was trading at $33,729.27, down 5.51 per cent from its previous price. Its dominance in the crypto market is currently at 41.65 per cent, up 0.77 per cent over the last 24 hours. 

Binance Coin (BNB) was down 10.15 per cent over the same period and was trading at $344.02, while Ethereum (ETH) fell 10.44 per cent to $2,239.41, while Solana (SOL) fell 17.82 per cent to $83.82, while Cardano (ADA) fell 12.05 per to $0.9869. 

A number of major meme coins have been plunged in the last 24 hours, including Dogecoin (DOGE), Shiba Inu (SHIB), Elon Mars (ELON), and Samoyedcoin (SAMO). 

Dogecoin’s price fell by 6.77 per cent to $0.1297 at 5:30 pm. Rival Shiba Inu dropped by 13.49 per cent to $0.00001961, Dogelon Mars fell by 12.26 per cent to $0.0000006884. In contrast, Samoyedcoin traded at $0.01265 and fell 11.54 percent. 

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In the last 24 hours, the global crypto market cap decreased by 7.06 percent, while the total crypto market volume increased by 9.09 percent to $96.28 billion.

At 5:30 PM, En- Tan – Mo (ETM) was trading at $0.03709, a gain of 555.30 percent. On the other hand, AutoMatic Network ( AUMI) suffered a 99.91 percent loss; it was trading at $0.001717. 

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A collection of 9,666 digital bats modelled after Ozzy Osbourne’s persona has been released by British heavy metal legend Ozzy Osbourne’s CryptoBatz collection.Osbourne’s digital collectibles opened for sale just two days after people reported a potential phishing scam linked to CryptoBatz. Osbourne’s NFT project’s official account shared tweets with the scam link that drains cryptocurrency wallets, NDTV reported.  

The Indian Express reported that cyber criminals hijacked the accounts of Dozens of crypto YouTubers and Indian cryptocurrency exchanges on Monday morning. Several unauthorised videos have been posted with text directing viewers to send money to the hackers’ wallets. 

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