Myanmar’s First Crypto-Based Bank to Launch on July 22, Supported by Exiled Government
Get ready for the debut of the Spring Development Bank, Myanmar’s trailblazing all-crypto bank, scheduled for July 22. It aims to boost financial access and provide backing for the exiled National Unity Government (NUG), currently leading the country’s shadow government.
With a focus on serving the 55 million citizens of Myanmar and the two million-strong diaspora, the bank will operate on the Polygon blockchain. Its primary goal is to enable faster and smoother domestic and international payments, while also offering a diverse array of global financial services.
A spokesperson from the Spring Development Bank, speaking anonymously due to security concerns, stressed that embracing cryptocurrency is a practical move to assist both the Burmese populace and the exiled government. It’s seen as a vital tool for fundraising for the NUG. While not directly established by the NUG, the bank enjoys full support and resources from it. Additionally, it will function under the oversight of the NUG-controlled interim central bank of Myanmar.
CEO Calvin T has welcomed the bank’s launch as an initial step towards restoring Myanmar’s financial independence.
In a similar vein, Tin Tun Naing, interim central bank governor and acting minister for finance and industry, hailed the bank as a “revolutionary” institution designed to counter the military-controlled financial system and provide a reliable government-backed alternative.
The Spring Development Bank is determined to address the issue of high fees linked to traditional money remittance to Myanmar, which currently stands at a hefty 30%. To tackle this, it plans to leverage the Polygon ecosystem to offer cost-effective and sustainable solutions.
When it comes to stablecoins, the bank has ambitious plans to introduce several new fiat-pegged stablecoins, including the Myanmar kyat, Thai baht, Singapore dollar, and the U.S. dollar. Users will be able to seamlessly exchange these stablecoins using the bank’s “currency swap” feature built on UniSwap V3.
According to an unnamed bank official, the National Unity Government (NUG) of Myanmar has a history of targeting residents who possess certain apps on their phones, often resulting in violence and imprisonment. In light of this, the bank has opted for a web-only platform for its user interface to ensure user privacy.
“The bank’s interface will mimic the look and functionality of an app, but we recommend accessing it through incognito mode to prevent any browser history from being stored,” explained the official.”
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