NUG's Role as the Central Bank
The National Unity Government (NUG), the interim government of Myanmar, is reported to have established an online bank that operates solely with cryptocurrency.
According to local media on the 22nd, NUG has begun a pilot operation of the Spring Development Bank (SDB), Southeast Asia's first online bank using only cryptocurrency, utilizing blockchain technology.
The bank supports payments in Myanmar Kyat, US Dollar, Malaysian Ringgit, and Singapore Dollar. On the 1st of last month, NUG established an interim central bank to regulate and rectify the banking sector and announced an ordinance to protect foreign exchange reserves from misuse by the military regime.
Tin Tun Naing, Minister of Planning and Finance Investment of NUG, stated at a press conference on the 20th, "SDB will serve as NUG's representative central bank," adding, "It will eliminate the harms caused by banks under the current military regime, such as blocking customer accounts, seizing deposits, and providing personal information to the military government, thereby protecting customers' deposits and information."
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