The Central Bank of Myanmar has joined the view of many central banks across the globe that see cryptocurrency as a risky investment that should be avoided at all cost, according to industry website coingeek.

According to an official announcement, the Central Bank of Myanmar urged the public to stop trading cryptocurrencies to avoid losing money. The bank fears that promoters are taking advantage of inexperienced users to dupe them of their money.

Cryptocurrencies like Bitcoin Core (BTC), Ethereum and Litecoin are being traded in the country through Facebook profiles and other social media websites. This is quite risky, primarily because scammers have been known to hack social media accounts or use fake profiles to dupe investors.

U Than Lwin, senior advisor to Kanbawza Bank Ltd (KBZ) explained there are three main reasons people should avoid engaging in crypto trade. These include volatility of crypto markets, the lack of consumer protection and the difficulty in taking legal action in cases involving the currencies.