SKYBIT: Myanmar’s Digital Solution to a Sustainable Economy

One of the many advantages digital assets have is the ability to do fast, low cost, cross-border monetary remittance. For emerging economies like Myanmar, this is crucial. SKYBIT is the first blockchain digital asset platform in Myanmar, offering global financial inclusion for all of its people.

Blockchain digital assets can play a vital role in achieving the development goals of the UN and government

Digital assets at their core create the potential to be a key medium in promoting sustainable growth and development. A fine example of this in action is in the implementation of the UN’s Sustainable Development Goals (SDGs) under which projects like ‘Building Blocks’ have been providing monetary help to underprivileged Pakistanis and Syrian refugees since 2017. All this has been made possible with the successful transfer of funds through secure blockchain payment platforms that significantly improve on the inefficiencies that are common to traditional payment systems.

The path to sustainable advancements, including government initiatives, in developing countries like Myanmar, is blocked by a number of socio-economic and geopolitical hurdles that can be unblocked with the application of the solutions that SKYBIT has devised. SKYBIT’s robust blockchain-connected platform can transcend the many barriers that have long kept Myanmar isolated from the rest of the world.

SKYBIT: Technologically empowering Myanmar

Blockchain-based digital assets have proven to be viable options for safe and effortless cross-border transactions, even in developing countries that have minimal adoption. The SKYBIT platform creates the modern financial bridge between Myanmar and the rest of the world, providing opportunities for businesses and individuals to trade their products and services on the global markets.

The SKYBIT digital asset conversion platform will allow users to convert various digital assets to Myanmar Kyat (MMK), supporting many of the popular digital assets to ensure a seamless trading experience. The interface is designed to be user-friendly and simple to use, essentially allowing novice traders to start at ease.

Stablecoins can ease the flow of funds into Myanmar with lower volatility risk

Myanmar’s civil reformation in 2011 left the country in a dire state of stagnant growth and development. The nation has not witnessed any significant economic changes, with economic growth only slightly improving from 6% in 2011 to 7.2% in recent years. Despite efforts of modernization and rapid urbanization, Myanmar is struggling to come out of socio-economic and geopolitical challenges.

One of the critical challenges the country faces is a lack of cost-effective international monetary remittance. SKYBIT plans on tackling this issue by incorporating stablecoins to facilitate the transfer of funds into the country.

Stablecoins are mostly digital currencies whose values are pegged to that of traditional financial assets, for instance, fiat money like USD, or gold. The growth of stablecoins attributes to the unstable nature of other digital assets. The major advantage of using stablecoins as opposed to the financial assets that they represent is the freedom and ease in which they can be transferred internationally (over the internet via blockchain) and held (in digital asset wallets).

Conclusion

SKYBIT is the first digital platform in Myanmar working to bridge the financial gap between the country and the rest of the world using the modern innovative technology of blockchain. The current market of SKYBIT is composed of roughly 46 million people. It is estimated to expand to over 85 percent of the entire population of Myanmar.

About SKYBIT

SKYBIT is Myanmar’s leading blockchain services platform that includes a payment processor for financial transactions, an advertising platform for businesses of all sizes, and a digital asset conversion platform. SKYBIT seeks to help every person in Myanmar and Southeast Asia to join the global economy without any restrictions.

SKYBIT is soon to hold an initial exchange offering (IEO). If you wish to be part of a promising, growing project, check out its offering details and help the project raise funds to bring smiles on millions of faces. 

To know more about the project that is set to change how people can be included in a new, seamless financial and business ecosystem, visit the SKYBIT website. To get regular updates on all the developments, join the SKYBIT public chat groups on Telegram.

The post SKYBIT: Myanmar’s Digital Solution to a Sustainable Economy appeared first on The Merkle Hash.

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