Myanmar shadow government’s crypto surges after MEXC listing

The Irrawaddy

Myanmar’s shadow National Unity Government (NUG) has seen its cryptocurrency soar in value after being listed on the global exchange MEXC. The Spring Development Bank (SDB) token, launched on 14 November, rose almost fivefold in just six days, underscoring the growing role of digital finance in the country’s political struggle.

The NUG created the bank in July 2023 to establish a financial system outside the junta’s control and to fund resistance efforts. It is Myanmar’s first institution to operate entirely on crypto and blockchain. Since listing, the SDB token’s market capitalisation has climbed from US$500 million to more than $724 million, with prices jumping from $0.0012 to $0.0072.

“The values are based on demand and supply in the free market,” said SDB chief executive Kelvin T. at an online press conference. He added that the surge reflected both “revolutionary momentum” and confidence in the system. The bank has already channelled nearly $30 million into supporting the resistance and aims to help rebuild the country once the junta is defeated.

SDB is also preparing to expand, with plans to list on larger exchanges and partnerships with Binance, Bybit and Bitget. Fundraising campaigns in 2023 and 2024 mined tokens and attracted millions of shares, laying the groundwork for a broader fintech ecosystem.

NUG minister Tin Tun Naing stressed that the bank is “owned by the Myanmar people and shareholders,” and licensed by the Interim Central Bank of Myanmar, set up as an alternative to the junta‑controlled institution.

The military regime has reacted angrily. Two days after the listing, the Central Bank declared digital currencies illegal, warning they could fuel trafficking and scams. Yet the junta itself is testing China’s e‑CNY and its own digital currency, highlighting a contradiction in its stance.

The NUG previously launched the Digital Myanmar Kyat and NUGPay app in 2022, and hopes to expand into e‑commerce and other fintech services. Australian economist Sean Turnell said the listing strengthens the financial foundations of the resistance by creating transparency and trust. “Wars are won on the ground,” he noted, “but they are shaped by the finances of the contending parties.”

-2025-11-21