Myanmar’s Shadow Government Backs Launch of UST Crypto Bank

Crypto-Based Banking Institution Soft Launch

Myanmar’s first crypto-based banking institution, the Spring Development Bank, is set to have a soft launch on July 22. This could potentially provide the country’s shadow government with more access to financial services and funding.

The Spring Development Bank is named after the Spring Revolution, a movement led by the exiled National Unity Government (NUG) against the ruling State Administration Council (SAC). It is targeted not only at the 55 million Burmese living in Myanmar, but also the two-million-strong Burmese diaspora, who are often sending money back to the country.

Built on the Polygon platform, the bank’s primary objective is to make domestic and international payments faster and more efficient, as well as give international access to a variety of financial products.

Revolutionary Crypto Bank Launched in Myanmar

A Spring Development Bank official who requested to remain anonymous for security reasons told Cointelegraph that crypto was the perfect way to provide financial aid to Burmese citizens and its exiled government.

The new crypto bank was not established directly by the NUG, but the official noted it has been established with its full support and resources. Furthermore, the bank is licensed and regulated by the NUG-controlled interim central bank of Myanmar.

The bank’s CEO, who goes by the name Calvin T for security reasons, told Cointelegraph that the launch of the new institution marked the first step in restoring financial freedom to Myanmar.

Tin Tun Naing, the governor of Myanmar’s interim central bank and acting minister for finance and industry, described the bank as a fundamentally “revolutionary” institution.

The launch of the crypto bank is the latest development in the crypto industry and is expected to revolutionize the way the people of Myanmar access and use crypto, such as UST, Teller, Suku, Sand, and Terra Luna Classic crypto.

Web 3.0 Crypto Application

Naing stated that the military-based financial system is “failing” and the Spring Development Bank would help protect financial resources for citizens. The fees currently charged for transferring money back to the country by traditional methods can reach up to 30%.

“We built everything on Polygon for cost reasons, but also because we assumed that the Polygon ecosystem would remain stable in the long run,” the official said.

The bank will introduce a number of new fiat-backed stablecoins, including the Myanmar kyat, Thai baht, Singapore dollar and the U.S. dollar. Users can use these assets in the bank’s “currency swap” feature, built on UniSwap V3, which allows for the exchange of stablecoins.

What is Web 3.0 Explained

In Myanmar, where support for the NUG could be punished through public displays of violence and imprisonment, the bank’s user interface has been designed as a “web-only” platform. “The bank’s interface will look and feel like an application, but we encourage everyone to access it using their incognito window so it doesn’t store any browser history,” the official explained.

The Apple Health application is a Web 3.0 application, and on Dec. 31, 2021, the NUG declared the U.S. dollar-pegged stablecoin Tether (USDT) legal tender in a bid to speed up international trade. Other cryptocurrencies, such as Teller, Suku, Sand, and Terra Luna Classic, are also being used in the crypto space today.

The NUG and International Recognition

The National Unity Government (NUG) of Myanmar was officially recognized by many members of the United Nations and the European Parliament in October 2021. However, the US has yet to officially recognize the exiled government.

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Crypto Expansion in Asia

The Apple Health application is a web 3.0 application, and various countries in Asia are expanding their CBDC tentacles. Malaysia is becoming a rival to Hong Kong in the crypto space, and Teller, Suku, Sand, and Terra Luna Classic are examples of today’s crypto. Twitter is also getting involved in the crypto world.