This is a real world example of implementing crypto to aid people and freedom : A closer look at the crypto-based bank of Myanmar's shadow government.

A neobank operating entirely on the Polygon Network is playing an important role in providing financial services and safeguarding the freedom and privacy of Myanmar's citizens. The country's financial situation became chaotic following the military coup in 2021, leading to a democratic-elected civilian government forming the National Unity Government (NUG) to fight with the junta. The ongoing civil war resulting in loss of more than 39,000 lives.

Due to the conflict, many citizens faced difficulties accessing financial services, the junta froze accounts of opposition supporters, and citizens loss trust in traditional financial institutions which fell under military control.

As a response to these challenges, the NUG launched Spring Development Bank (SDB), a crypto and blockchain-based bank under the Ministry of Planning, Finance, and Investment (MOPFI) of the NUG. This bank focuses on providing financial services while prioritizing customer security and privacy. NUG expressed concerns about the junta's threats regarding bank accounts and violations of public financial privacy.

The soft launch of SDB began in July 2023. The bank declared a full launch on October 10, 2023.

Here is a closer look at the services that SDB provides:

1. Saving account and fund transfer

Citizen can deposit and withdraw money via community Relationship Managers. However, some citizen cannot access due to the ongoing armed conflict, the easier way is transferring USDT to SDB wallet addresses using the Polygon Network. Since December 2021, Tether USDT was declared as an official currency for local use and a legal tender.

1. Currency exchange services

Supporting Myanmar Kyat, US dollars, Singapore dollars, and Thai Baht.

1. Investment and fundraising

The bank plays a role in raising funds to support the fight against the junta. For example, It issues ICO allowing users to become shareholders of the bank.

One important investment project is the Spring Pyin Oo Lwin Investment. The NUG government sells junta-owned land at a third of the market price, with only a 40 percent down payment required. The NUG promises to developing this land once it's take back from the junta, with the remaining 60 percent payment due after the revolution's success.

Citizen also can directly donate money to the NUG via crypto. The NUG has reported raising over US$100 million to support its efforts to overthrow the junta. Around 45 percent of these funds come from the sale of Spring Revolution Special Treasury Bonds.