According to economists, over the past half century, hundreds of millions of people in Asia have crossed the poverty line. A number of Asian states have acquired the status of medium or developed economies. It is true that many Asian countries remain on average poorer than the rest of the world, but this gap is also narrowing. Over the past 20 years, the difference in per capita income in Asian countries compared with countries in Europe and the United States has declined sharply.

Experts say that the economic recovery that we are now witnessing in Asia, which essentially began with the post-war boom in Japan, represents a return to historical norm. Asia dominated the world economy for most of human history - right up to the 19th century.

Behind the growth of the Asian economy, which overshadows the rest of the world, are mostly China and India. China is already the first economy in the world in terms of PPP, it accounts for 19% of world production (in 2000 - 7%). India is the third largest economy in the world, and its GDP (PPP) is twice the GDP (PPP) of Germany or Japan.

However, smaller Asian economies are also growing. According to the Financial Times, Myanmar will rise to 24th place in 23 years (from 73rd to 46th) in the ranking of countries by GDP (PPP) from 2000 to 2023, and will overtake Austria and Ukraine.

However, Myanmar currently has certain problems that need to be addressed.

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.

All users can benefit from the SKYBIT platform in many ways. Individuals, companies, and aid organizations can offer goods, services, and campaign for donations to the entire world on the internet. Their customers and donors make payments using a cryptoasset such as bitcoin.