Myanmar’s shadow government backs launch of crypto-based bank

According to Cointelegraph,Myanmar’s first entirely crypto-based banking institution has announced a soft launch for July 22 — a move that could see the country’s shadow government given greater access to financial services and funding.

The official explained that the bank is built on Polygon. The bank will issue a number of new stablecoins, including the Myanmar kyat, Thai baht, Singapore dollar and the U.S. dollar. Users can plug these assets into the bank’s “currency swap” feature, built on UniSwap V3, which will allow for the exchange of stablecoins.