Crypto-Based Bank Receives Support from Myanmar's Shadow Government

cryptonews.com:

Myanmar is all set to launch its first fully crypto-based banking institution, the Spring Development Bank, on July 22. 

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.

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.

Myanmar bank's decision to integrate blockchain technology and cryptocurrencies was a logical choice to provide financial support to Burmese citizens and the exiled government, a Spring Development Bank official told Cointelegraph.

While the NUG did not directly launch the crypto bank, it extended its full support and resources to the initiative. 

The Spring Development Bank is licensed and regulated by the NUG-controlled interim central bank of Myanmar, headed by Governor Tin Tun Naing, who is also the current minister for finance and industry. 

The minister described the launch of the crypto bank as "revolutionary" and necessary to establish an alternative financial system based on trust and guaranteed by the government amid all the political and military turmoil. 

The crypto bank’s CEO said that the launch of this financial institution marks the first step in