Developing countries faced significant uncertainty and serious downside risks. One of the main sources of instability is the impending rollback of the expansionary monetary policy of the US Federal Reserve. This prospect creates instability in global financial markets and threatens to undermine the growth of developing countries.

Toughening of US monetary policy could exacerbate the global credit shortage, thereby increasing pressure on Asian economies and financial systems. Excessive reaction and herd behavior of market participants can provoke a situation of a sudden stop in capital inflows, complicated by an acute shortage of the dollar.

These risks explain why the Fed’s simple suggestion to move towards a reduction in long-term asset purchases (called quantitative easing) made this summer caused a sharp drop in currencies and asset prices in developing countries. They also pointed out the need for Asian countries to create stronger financial protection networks.

Tighter US monetary policy could exacerbate the global credit shortage, thereby increasing pressure on Asian economies and financial systems.

Some Asian countries, especially China, are also trying to internationalize their currency. Given China’s expanding global influence, the rebirth of the renminbi as a new international currency is inevitable. However, for small countries, the process of internationalization will be much more complicated.

Today, it is difficult and time-consuming to transfer monetary value into and out of Myanmar. The country is hardly listed in internet banking. International transactions to Myanmar usually take up to five days to settle. Also, not everyone in Myanmar can be a recipient of credit-card initiated payments. When it comes to international money transfer, people in Myanmar often use informal hundi networks, which has been prone to loss of funds as sometimes people working in the networks simply disappear with the money. Such disadvantages and restrictions have limited the country’s potential in effective e-commerce and the share of global net wealth inside Myanmar and inhibited progress and development of the country.

SKYBIT allows more of the wealth and opportunities that exist outside Myanmar to far more easily enter the country through the application of blockchain technology. We address this problem by using blockchain technology to minimize the time of international transaction to be settled within minutes through a reliable platform that is easy to use by anyone, easing the flow of monetary value into Myanmar while opening up many new opportunities for the country and its people.