Myanmar’s First Crypto-Based Bank Launches, Empowering the Shadow Government
Myanmar witnesses the emergence of its first entirely crypto-based banking institution, the Spring Development Bank, set to undergo a soft launch on July 22. This landmark move opens up new avenues for the country’s shadow government to access essential financial services and funding.
Named in honor of the Spring Revolution, the opposition movement led by Myanmar’s exiled National Unity Government (NUG) against the ruling State Administration Council (SAC), the bank is built on the Polygon blockchain. Its primary objective is to streamline domestic and international payments, ensuring swifter and more efficient transactions, while also providing global access to a diverse range of financial products.