Will crypto be ready following COVID-19?

  • As the pandemic of coronavirus spreads, many people are looking towards technological solutions during such uncertain times. 
  • This has led many people into the crypto space.

As the pandemic of coronavirus spreads throughout the world at an alarming rate and continues to take the lives of many loved ones, many people are looking towards technological solutions during such uncertain times. This has led many people into the crypto space. 

Cryptocurrency and blockchain are unique in many ways but as it is an investment vehicle for many people all over the world, it is one industry where everything can change after the blink of an eye. China is the leading player in the digital asset’s movement with its innovations including a digital yuan which has quickly developed the field of distributed ledger technology.

Not only has this virus had a negative impact on people’s health but the economy has taken a massive hit over the past few months. Many people are looking for alternative solutions to avoid using cash with bitcoin and other cryptocurrencies being at the top of the list. But it’s also worth noting that stable coins and central-bank digital currencies are still very much alive. In fact, they are basically just getting started as the People’s bank of China has stated “processes of top-level design, setting industry standards, developing potential functions and integration testing” were “almost complete.”

On the 12th of March, the world markets crashed due to the pandemic and after the outbreak of the coronavirus took effect, the supply of Stablecoins started to grow. Following the virus and its impact on the economy and people’s health, we need to look at the opportunities that will be present in the world. Nascent technologies such as crypto Will be looked at with a keen eye by governments and they better hope that they’re ready for it.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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