As of 2026, owning or trading Bitcoin in Myanmar is still illegal. The Central Bank of Myanmar (CBM) banned all cryptocurrency transactions back in 2020, declaring digital currencies unregulated and outside the law. But here’s the twist: people are still trading crypto-every day. Not in banks. Not on official apps. But in back alleys, on Telegram, and over cash exchanges hidden behind Facebook groups. This isn’t a fringe trend. It’s a full-blown underground economy, kept alive by necessity, not choice.

Why Crypto Still Exists in Myanmar

Myanmar’s military government doesn’t just discourage crypto-it punishes it. Under the Foreign Exchange Management Law and Anti-Money Laundering Act, anyone caught trading Bitcoin or Ethereum can face bank account freezes, fines, or even jail time. Yet, the ban hasn’t stopped demand. Why? Because for millions, there’s no other option.

Regular banking is broken. Most people can’t open accounts. Salaries are paid in cash. Remittances from abroad? Hard to receive. Inflation eats away at the kyat. Crypto, especially stablecoins like USDT, became the only reliable way to store value and send money across borders. For many, it’s not about getting rich. It’s about surviving.

How the Underground Market Works

There are no licensed exchanges in Myanmar. No Binance, no Coinbase. Not officially. But if you know where to look, you’ll find them. The real market runs on three things: VPNs, social media, and cash dealers.

• VPNs are mandatory. Without one, you can’t even access Binance or other global platforms. Most users rely on free or cheap services, often shared within trusted circles.
• Facebook and Telegram are the trading floors. Groups like "Myanmar Crypto Buyers" or "USDT Sellers Myanmar" have thousands of members. Trades happen through private messages. Buyers and sellers agree on price, then meet in person or send cash via mobile wallets like WaveMoney or KBZPay.
• Cash dealers are the middlemen. They don’t operate online. They show up at cafes, train stations, or even homes. You give them cash. They give you USDT on your wallet. These dealers build trust over time-sometimes over years. Betray them, and you’re out of the game.

Prices swing wildly because liquidity is thin. A $1,000 trade might cost 5% more than the global rate. Smaller trades under $200 are easier and cheaper. But if you want to move large amounts? You risk being scammed-or worse, arrested.

The Myan Crypto Masters Community

While the government tries to silence crypto, a quiet education movement is growing. The Myan Crypto Masters Community (MCM), founded by a man known only as Feliz, has over 23,000 members. It’s not a trading group. It’s a school.

MCM runs weekly Zoom workshops in Burmese. They teach how to set up a wallet, how to spot scams, how to use a VPN safely. They even explain blockchain in simple terms: "Think of it like a digital notebook everyone can see but no one can erase."

Feliz says, "Many people are interested in crypto, but the information available in Burmese is limited. We break down complex concepts into digestible information, making crypto education accessible to everyone, regardless of background."

What started as a few friends sharing tips has become the most trusted source of crypto knowledge in the country. Newcomers often walk in scared. They leave with a wallet-and a warning: "Never trade with someone you don’t know. Always meet in public. Record the transaction."

The Risks Are Real

In 2022, a group called "Myanmar Digital Gold" promised 20% monthly returns on crypto investments. Thousands of people sent money. Then, the site vanished. No one was ever caught. No one got their money back. That collapse didn’t just hurt wallets-it hurt trust.

Today, scams are common. Fake exchanges. Fake dealers. Fake tutorials. The biggest danger isn’t the government-it’s the people pretending to help you.

And if you get caught? The penalties are harsh. In 2024, a man in Mandalay was sentenced to 18 months in prison for selling USDT. His crime? He had transferred $15,000 worth of crypto to a friend. He didn’t profit. He just helped. Still, he went to jail.

There’s no legal recourse. No consumer protection. No police to call. If you’re scammed, you’re on your own.

Why It’s Different from China or Thailand

China banned crypto in 2021. But they also shut down mining farms, blocked VPNs, and arrested operators. Myanmar doesn’t have the same resources. They can’t monitor every Facebook group. They can’t track every cash exchange. So they focus on big players.

That’s why small trades fly under the radar. A person buying $50 worth of USDT to pay for medicine? No one cares. But someone moving $50,000 in crypto? That’s a target.

Compare that to Thailand. There, crypto is legal. You can buy Bitcoin at 7-Eleven. You can cash out at ATMs. Myanmar is the opposite. It’s not just banned-it’s hunted.

The Resistance Economy

There’s another layer to this underground market. It’s not just about money. It’s about resistance.

The National Unity Government (NUG)-a shadow government formed by ousted lawmakers-launched the Spring Development Bank on the Polygon blockchain. It’s not a bank in the traditional sense. It’s a digital lifeline. It lets diaspora communities send USDT to families inside Myanmar. It holds gold-backed savings. It pays salaries to teachers and medics working in rebel areas.

This isn’t gambling. It’s survival. And it’s built on crypto because the military government controls the banks, the phones, the internet. But they can’t control blockchain.

What’s Next?

As of 2026, there’s no sign the ban will lift. The military regime sees financial freedom as a threat. Crypto means people can move money without permission. That’s dangerous to them.

But the market keeps growing. More people learn. More dealers appear. More communities form. The government can arrest a few. They can’t arrest a whole country.

Experts say the future depends on who wins the political battle. If the military stays in power, crypto will stay underground-risky, chaotic, but alive. If democracy returns, the question won’t be whether to legalize crypto-but how to regulate it fast enough to protect people.

For now, people in Myanmar don’t need permission to use crypto. They just need a phone, a VPN, and someone they trust.