Alternative authorities of Myanmar will launch a neobank on Polygon


The Myanmar National Unity Government (NUG) will launch the Spring Development Bank neobank on the Polygon platform to fund the fight against the military that came to power as a result of the coup. CoinDesk writes about it.

Stated goals SDB are to undermine the financial system of the country controlled by the Council of State.

The Spring Development Bank will target supporters of the ousted Aung San Suu Kyi who want her back in power. In addition to accessing banking services, users will be able to donate to the revolutionary effort.

The structure will offer services of currency swaps, term deposits and savings accounts through Uniswap v3 and USDT pools. Supported currencies include Myanmar Kyat, US Dollar, Singapore Dollar and Thai Baht.

The bank also plans to launch a lottery in which tickets will be issued to customers in the form of NFTs.

The management promised to comply with the standards FATF and standards of the Basel Committee. Measures to protect against cybercrime are also mentioned.

Client funds will be segregated.

On July 22, the application will be launched in beta version for Google Play and the App Store.

The NUG-established Ministry of Planning, Finance and Investment plans to issue neobank shares in two stages – for SDB clients and for institutional investors.

Six months after the launch, SDB plans to reach 100,000 active users.

In December 2021, NUG recognized USDT as the official currency.

Recall that in February 2022, the government of Myanmar, which came to power as a result of a military coup, announced plans to launch a CBDC.

Earlier, the country’s authorities proposed to introduce criminal liability for the use of bitcoin and VPN.

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