Myanmar’s Shadow Government Unveils Crypto Bank For Financial Control

Published 20/07/2023, 14:55
Myanmar’s Shadow Government Unveils Crypto Bank For Financial Control

  • Myanmar’s to launch its first crypto-based banking establishment targeting Burmese citizens and diaspora.
  • Spring Development Bank utilizes Polygon ecosystem and plans to introduce fiat-pegged stablecoins.
  • The bank aims to restore financial autonomy to Myanmar and ensures privacy with web-only platform.

Myanmar’s shadow government has an opportunity to explore enhanced control of the country’s financial landscape after announcing the soft launch of its first-ever crypto-based banking establishment, scheduled for July 22.

While Myanmar’s Spring Development Bank is targeting the 55 million Burmese citizens living in the country, the bank’s main focus lies on the 2 million “Burmese diaspora,” working and residing abroad, frequently sending money back home. The bank’s goal is supported by the technological infrastructure, built on P…

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