Myanmar's shadow government is set to start a neobank to help in the fight against the country's military government. The bank will run on 0xPolygon and do currency swaps via Uniswap. lavender_au reports
The bank plans to offer users currency swap, fixed deposits and prize-linked savings account services. Its web-based app will have a beta launch on July 22, and be available on Google Play and Apple’s App Store, a spokesperson for the bank said at a virtual press conference held on Thursday.
Myanmar has been sanctioned by various governing bodies including the U.S. and the EU over the February 2021 military coup that overthrew the civilian government, and ensuing human rights violations. A pre-initial coin offering round with the bank’s own token will be exclusively for SDB account holders and the first ICO round will be offered to institutional investors. The bank said that it will also raise funds via remittance, currency exchange, loans, and other monetary products.It is set to support four currencies: the Myanmar kyat , U.S. dollar, Singaporean dollar and Thai baht.
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