Myanmar to Debut First Functional Crypto-Based Bank

Myanmar is set to welcome its first crypto-based bank, the Spring Development Bank which is backed by the country's shadow government

The first of its kind solely crypto-based banking institution in Myanmar is set to debut in a few days. 

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Spring Development Bank, as it is called, announced that its soft launch would take place on Saturday, July 22nd. This will mark a significant milestone in Myanmar’s financial landscape as the new development will be pivotal to granting the country’s shadow government, the National Unity Government (NUG), increased access to financial services and funding.

Myanmar Crypto Bank to go Live

The Spring Development Bank gets its name from the Spring Revolution, the opposition movement led by Myanmar’s exiled shadow government against a ruling military junta that seized control of the country in February 2021 known as the State Administration Council (SAC). Notably, the new bank is not limiting its offerings to just the residents of Myanmar (formerly Burma) rather, it is open to other Burmese diaspora, who are not living in the country.

This group of Burmese live and work outside of Myanmar but frequently send money back to the country. Currently, about 55 million Burmese are living in the Southern Asia country. 

Maintaining Cross-Market Use Case

The crypto bank is built on Layer-2 blockchain Polygon with the primary objective of revolutionizing both 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 broad range of financial products and provide global access to them. 

Gradually, the bank is providing a glimpse into its potential use across several industries. A few of the bank’s use cases are carbon emission management platforms based on blockchain and IoT technologies, as well as blockchain-based platforms for the automotive industry. 

NUG Provides Support the Move

According to a Spring Development Bank official who begged to remain anonymous for security reasons, crypto is the apparent solution for financial inclusion and support for the people of Myanmar and their exiled government. While the crypto-based bank was not directly launched under the NUG, it has been confirmed that it launched with its full support and resources.

It is fully licensed and regulated by the NUG-controlled interim central bank of Myanmar. Noteworthy, Myanmar has always been enthusiastic towards crypto. Last year, the military government in the region attempted to launch a digital currency. Also, in 2021, Tether (USDT) was  declared a legal currency of usage by the parallel government of Myanmar.

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