Myanmar’s Exiled Government Supports Inauguration of Blockchain-Powered Bank

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Spring Development Bank, Myanmar’s first blockchain-based bank, is set to launch on July 22. Backed by the National Unity Government, the bank offers a range of financial products and fiat-pegged stablecoins, including the Myanmar kyat, Thai baht, Singapore dollar, and US dollar, as well as a currency swap feature using UniSwap V3. The bank aims to provide financial support to Myanmar citizens, including the two million-strong Burmese diaspora, and the country’s exiled government. It is licensed and regulated by the NUG-controlled interim central bank of Myanmar.