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Myanmar Crypto Bank Goes Online
Maintaining cross-market use cases
NUG provides support for relocation
Myanmar’s first fully crypto-based banking institution is set to debut in a few days.
The Spring Development Bank has announced that its soft launch will take place on Saturday, March 22. This will mark a major milestone in Myanmar’s financial landscape as the new development is crucial for the country’s shadow National Unity Government (NUG) to provide more financial services and funding.
Myanmar Crypto Bank Goes Online
The Spring Development Bank takes its name from the Spring Revolution, a movement led by Myanmar’s shadow government-in-exile against a ruling military junta that seized control of the country, called the State Administrative Council (SAC), in January 2021. Notably, the new bank is not limited to residents of Burma (formerly Myanmar), but is open to other Burmese expatriates who do not live in the country.
This group of Burmese people live and work outside Myanmar but frequently send remittances to the country. Currently, there are about 550,000 Burmese people living in the South Asian country.
Maintaining cross-market use cases
The crypto bank is built on the layer 2 blockchain Polygon, and its main goal is to revolutionize local and cross-border payments. Spring Development Bank intends to achieve this feat by making these transactions faster and more efficient. At the same time, it plans to offer a wide range of financial products and provide global access.
Gradually, the bank is providing glimpses of its potential uses in multiple industries. Some of the bank’s use cases are a carbon emissions management platform based on blockchain and IoT technology, and a blockchain-based platform for the automotive industry.
NUG provides support for relocation
According to an official of the Spring Development Bank who requested anonymity for security reasons, cryptocurrency is an obvious solution for financial inclusion and supporting the people of Myanmar and its government-in-exile. Although the crypto-based bank was not directly launched under the NUG, it has been confirmed that it was launched with its full support and resources.
It is fully licensed and regulated by the NUG-controlled Interim Central Bank of Myanmar. It is worth noting that Myanmar has always been enthusiastic about cryptocurrencies. Last year, the region’s military junta attempted to launch a digital currency. Also, in 2021, Tether (USDT) was declared a legal tender by Myanmar’s parallel government.
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