Myanmar's shadow government, the Government of National Unity (NUG), is preparing to establish the first fully cryptocurrency-based banking institution, Coindesk reported.
It was stated that the bank, named “The Spring Development Bank (SDB)”, will operate on the Polygon (MATIC) network and exchange money through Uniswap v3 pools and the USDT stablecoin.
It was stated that the main goal of the bank is to make domestic and international payments faster and more efficient, as well as to provide international access to a wide range of financial products.
Stating that the bank plans to offer currency exchange, fixed deposit and award-winning savings account services to users, the bank spokesperson said at a press conference that the beta version of the bank's web-based application will be ready on July 22 and will be available on Google Play and Apple's App Store.
The bank spokesperson also said that the crypto-based bank to be established is the first step in returning financial freedom to Myanmar.
“We cannot transfer funds to a banking system controlled by the military government of the country, so we have to provide this alternative financial system that is based on trust and guaranteed by the government.
And we will do this with the crypto-based The Spring Development Bank and bring financial freedom back to Myanmar.
The initial coin offering (ICO) round with SDB's own token will be exclusive to SDB account holders and the first round of ICO will be available to institutional investors.”
SDB's “Myanmar kyat (MMK), US dollar, Singapore dollar and Thai baht.” It is stated that it is set to support four currencies, including
SDB aims to reach 100,000 active users within six months.
The spokesperson also added that the bank will comply with the Basel Accords and Financial Action Task Force (FATF) regulations.
