• The Spring Development Bank, the first fully crypto-based banking institution in Myanmar, is set to launch on July 22nd.
• It aims to provide financial services and funding from within and outside the country for the National Unity Government (NUG).
• The bank will use blockchain technology and cryptocurrencies to make international payments more efficient.
Crypto-Based Banking Institution Launches in Myanmar
Myanmar is all set to launch its first fully crypto-based banking institution, the Spring Development Bank, on July 22. This new financial institution marks a revolutionary step towards returning financial freedom back into the Asian country amidst political turmoil.
Spring Development Bank Aims to Support NUG
The Spring Development Bank, named after the Spring Revolution, aims to grant the country’s shadow government National Unity Government (NUG) access to financial services and funding from within and outside the country for their fight against the ruling State Administration Council (SAC), which took over Myanmar in February 2021.
Bank Built on Polygon Network
The crypto bank will not only cater to the 55 million Myanmar’s residents within the country but is aiming to expand its services to over two million Burmese diaspora living and working abroad, who frequently send money back home. The Spring Development Bank, built on Polygon Network , aims to offer a wide range of financial products for international access and simultaneously make cross border payments more efficient.
Stablecoins To Reduce International Transfer Fees
Currently international transfers to Myanmar are very costly; fees can reach up 30%. The Spring Development Bank plans tackle this problem by launching several fiat-pegged stablecoins including: Myanmar kyat, Thai baht, Singapore dollar, and U.S. dollar. Users can leverage the bank’s “currency swap” feature built on UniSwap V3 for easy exchange between these stablecoins.
Minister Describes Launch as Revolutionary
Myanmar bank’s decision was welcomed by Minister Tin Tun Naing who described it as “revolutionary”; necessary measures needed for establishing an alternative financial system based on trust guaranteed by government amid all political unrests .