• Myanmar is launching its first crypto-based banking institution, the Spring Development Bank, on July 22.
• The bank aims to provide financial services and funding to the National Unity Government (NUG) in their fight against the ruling State Administration Council (SAC).
• The Spring Development Bank will issue several fiat-pegged stablecoins and leverage UniSwap V3 for easy exchange between stablecoins.
Myanmar’s First Crypto-Based Bank Launched
Myanmar is all set to launch its first fully crypto-based banking institution, the Spring Development Bank, on July 22. The initiative has been granted full support from Myanmar’s shadow government National Unity Government (NUG) as they fight against the ruling State Administration Council (SAC).
Services Offered by Spring Development Bank
The crypto bank aims to offer a wide range of financial products for international access and simultaneously make cross border payments more efficient. It will be built on Polygon Network and cater to 55 million residents within Myanmar as well as two million Burmese diaspora living abroad.
Stablecoins Issued by Spring Development Bank
The Spring Development Bank plans to tackle high fee issues associated with international transfers by launching several fiat-pegged stablecoins such as the Myanmar kyat, Thai baht, Singapore dollar, and U.S. dollar. Users can leverage the bank’s “currency swap” feature for easy exchange between stablecoins using UniSwap V3.
Support From NUG
While the NUG did not directly launch the crypto bank, it extended its full support and resources to the initiative including licensing and regulation from an interim central bank of Myanmar headed by Finance Minister Tin Tun Naing who described it as a “revolutionary” step towards restoring financial freedom in Asian countries.
Conclusion
The launch of this crypto-based banking institution marks a new era in finance for Myanmar citizens both at home and abroad allowing them access to more efficient services without exorbitant fees associated with traditional methods of transferring money across borders.
