COVID-19: Transforming the way the World Sees Currency

Published: 20/05/2020

The COVID-19 pandemic is creating cash-based societies all over the globe fall into oblivion with the assistance of decentralized technologies.

Technology has continuously been one of the key drivers that has improved social changes. The present COVID-19 condition, being a once-in-a-century type of pandemic, has originated at an inconvenient time.

The fatalities and negative outcomes are looming, and cutting-edge technology may shine some light during this period of impending darkness. Digital currencies, which had before been constructing controversial questions, now see high mandate both from ordinary users and institutional investors.

Table of Contents

From old traditions to new trends

The growth of society has always been tied to a definite amount of risk. The world varies in its opinions on technological advancement. While some nations in Asia, such as Japan, have constantly fronted robotics and new developments, others have continued true to old traditions, barely admitting the changes offered by progress.

In Europe, the swiftness of change has been enhanced due to the appalling numbers of diseased people. Unexpectedly, everyday things such as paper money have converted into hazardous items that can attract death. Cash-loving European citizens have started to use cards more.

The virus has created a severe increase in the use of economic technology utilization in Europe and the world. A poll administered by the European branch of the bitFlyer crypto transaction based on 10,000 respondents across 10 European countries revealed that 2/3 of the local population thinks that cryptocurrency is here to stay.

Leaving real money behind

The incentivization of enthusiasm from global players has also donated to the transformation of society and crypto adoption. We now see that some people that have achieved help from the administration during the pandemic have spent it on Bitcoin (BTC).

The development of the crypto market and demand for this new kind of money has developed even more obvious during spring 2020. The worldwide view on crypto has moved from a “geeky asset for conjecture” to an “asset that accommodates from a crisis.” The trust is hard-earned, and blockchain can offer belief quantification of a yet unparalleled level.

By mid-spring 2020, central banks had suggested prohibition of stablecoins as they pressed for heavy-duty directive of centralized, privately delivered global stablecoins and deliberated prohibiting decentralized ones.

While some nations are accepting and fostering inventions, others incline to be aggressive toward cryptocurrencies, constricting or banning Bitcoin and crypto operations.

Digital asset control is imminent

Humanity will further transition to digital answers and remote offices, which will eventually alter the living landscape, transferring from cash to card expenses and from card payments to crypto.

In 2020, apps for cryptocurrencies have shifted advanced enough to facilitate the marketing of digital currencies with just a credit card, providing for the transportation of small amounts of money even externally the need for Know Your Customer etiquettes.

Stablecoin wallets are in great demand, and this apparent trend is no more a millennial-only sort of thing.