Legal Perspective on New Business Model: Limitation of Minting Process and Integration of Distributed Ledger Technology

Abstract

Distributed Ledger Technology (DLT) is considered to be used in processing crypto assets, constructing smart contracts and data governance. As the evidence shows that application of this technology has become beneficial, number of business models created by this technology is increasingly large. However, in Myanmar, not all of business models attributed to this technology are legally allowed yet. This fact made the research to explore why there was a ban on minting crypto currency in Myanmar. However, other opportunities to use the cryptographic and block-chain concepts have not been blocked. Based on the guidance and pro and con articulations relating to this cutting-edge technology, this research offers the view that the Central Bank of Myanmar is responsible in opening up more business models. The bank requires revisiting its order or issuing the supplemental manual not to abuse the advanced technology