Case analysis uncovers novel digital financing strategies in Myanmar's National Unity Government, highlighting how low territorial control and legitimacy aims drive rebel fiscal innovation.
What explains why armed groups choose particular funding strategies over other options? We analyse Myanmar’s National Unity Government (NUG), formed by deposed officials after a 2021 coup. Alongside traditional fundraising methods, the NUG has innovated through establishing an online bank, digital wallet, and cryptocurrency, selling bonds and future property rights, and holding online lotteries. We argue the NUG’s financing strategy has differed from Myanmar’s other armed organisations for four reasons: (1) low territorial control; (2) competition requiring reaching new audiences; (3) NUG leaders’ governing experience and technical and financial knowledge and connections; and (4) centre-seeking aims meaning greater legitimacy concerns.
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Vester et al. (2026) studied this question.
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