COVID-19 Incentivizing Crypto and Leading Mainstream Implementation

Published: 19/05/2020

COVID19 Crypto and Leading Mainstream Implementation

People are pushed to explore alternative technological explications as blockchain and crypto have become more widespread due to the COVID-19 crisis.

A place where everything becomes faster than in any other industry and seeing as it was exhibited in the age of the internet, crypto quite suits the spot. China is heading the global digital asset initiative. The train of inventions seems to go quicker as the digital yuan, also known to as DCEP, has fired rapid progress in distributed ledger technology.

The Chinese have not been dilly-dallying, despite being the nation where the new coronavirus sparked. Reportedly, McDonald’s and Starbucks are amongst a group of 19 restaurants, retail shops, and production companies taking part in a case of China’s digital yuan, a member of a pilot program before a full roll-out of the new digital currency.

While the Chinese central bank digital currency looks just a few steps away from starting, the world is craving for digital cash and fintech apps.

New trends reforming the digital landscape

The continuous COVID-19 crisis has had a negative world influence and has urged people to seek alternative solutions to withdraw using cash. Bitcoin (BTC) and Ether (ETH) are still recommended, but such assets are unlikely to convert units of account.

One of the goals for the DCEP is to improve the internationalization of the yuan as a way to perform cross-border payments without the need to include agents that require a significant fee and take a substantial quantity of time to process such purchases.

Earlier this spring, the Bank of France officially launched an innovative program for a digital euro, examining the combination of a CBDC for interbank agreements. At the same time, a very comparable plan was announced by South Korea’s central bank a week later.

There is plenty of room to expand the use of digital assets, and there must be no weak guidance. So, how can crypto enhance daily life?

Trend 1: Revamping payments and remittances

Blockchain technology raises the quality of apps we use while it is used to reshape remittances and provide instant transfer solutions. The technology can make a difference and can contribute to the fast adoption of digital assets from the local to the global cross-border level as it provides cutting -edge solutions aiming for a smooth experience.

High-end apps appear on the market, while fintech is booming globally. Recently, Switzerland-based Aximetria developed an app that allows users to transact using both crypto and traditional currencies in a single app. The app enables transactions regardless of citizenship and place of residence.

Other apps provide smooth crypto experiences, like how Coinbase wallet makes a reliable gateway for institutional investors to transact crypto.

Trend 2: Offering a better technology layer

The movement of all processes, including blockchain, may advance up drastically due to continuous blockchain improvements and updates. The whole action will be flashing as DLT renovate many areas that are ever more relevant to the world since COVID-19 has destroyed manufacturing and logistics.

Trend 3: Certifying world transparency

CBDCs’ rise in the mainstream is inevitable because of its strength against manipulation and fraud. It might lessen corruption when tied to government control.

The development of digitized sovereign currencies is closer. Moreover, after years of primary coin offerings and fraud cases, various illegal actors started leaving the blockchain scene. As such, we see the appearance of the next roll led by stablecoins and the Defi lending possibility.

During the months of the COVID-19 outbreak, a drastic change was seen, and surviving means to adapt.

The advantage of remotely doing things was apparent. People relied on online conference rooms to plan for work, taking advantage of technology while working with ease.