Shadow Government of Myanmar Launches Crypto-Based Bank

The new crypto bank is not launched directly by NUG, but has been launched with its full support and resources.

Moreover, the bank is licensed and regulated by the interim central bank of Myanmar which is controlled by NUG. The bank’s CEO, who uses the pseudonym Calvin T for security reasons, said the launch of the new institution marked the first step towards returning financial freedom to Myanmar.

Tin Tun Naing, Governor of Myanmar’s Interim Central Bank and acting minister of finance and industry, described the bank as a fundamentally revolutionary institution.

“We can’t just move funds into a banking system controlled by the military, so we have to provide an alternative financial system that is based on trust and guaranteed by the government,” he said.

Naing claims the military-based financial system is quite messy, and the Spring Development Bank will help secure financial assets for citizens. The fees currently charged for sending money back to the country the traditional way can reportedly be as high as 30 per cent.