Myanmar’s parallel government to launch neobank on Polygon

The National Unity Government (NUG) of Myanmar will launch the neobank SDB on the Polygon platform to fund the fight against the military junta that seized power in the coup. The CoinDesk reports.

The stated aims of SDB are to undermine the country’s financial system, controlled by the State Administration Council.

Spring Development Bank will target supporters of the ousted Aung San Suu Kyi who want her return to power. In addition to access to banking services, users will be able to donate to the revolutionary efforts.

The platform will offer currency swaps, term deposits and savings accounts via Uniswap v3 pools and USDT. Among the supported currencies are the Myanmar kyat, the US dollar, the Singapore dollar and the Thai baht.

The bank also plans to launch a lottery, where tickets will be issued to clients as NFTs.

The leadership has promised to comply with the standards of the FATF and Basel Committee regulations. It also mentions measures to protect against cybercrime.

Customer funds will be segregated.

On July 22, the beta version of the app will be released on Google Play and the App Store.

The NUG’s Ministry of Planning, Finance and Investment plans to issue the neobank’s shares in two tranches — for SDB clients and for institutional investors.

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

In December 2021, the NUG recognisedUSDT as an official currency.

Earlier in February 2022, the government that came to power after the coupannounced plans to launch CBDC.

Earlier, the authoritiesproposed criminal liability for the use of Bitcoin and VPNs.