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Can coronavirus hasten the mass adoption of cryptocurrencies?

coronavirus crypto - Can coronavirus hasten the mass adoption of cryptocurrencies?

The imperversare of coronavirus it is putting a strain on the global economic and financial system. If the China is preparing to restart after the tightening operated to limit the contagion, Countries like theItaly, Spain, Germany and France may soon find themselves having to deal with one crippled economy.
Among the many inconveniences that Covid 19 is causing, there is also one that could have far-reaching repercussions on cryptocurrency, hastening mass adoption. Let's look at the matter better.

Paper money carries the infection

Among the many ways in which coronavirus can spread, there are also banknotes for daily use. Just think of the countermeasures put in place by China and South Korea the South to avoid that they become a vehicle danger in this sense. In both Eastern countries, in fact, some banks have decided to disinfect banknotes by subjecting them to high temperatures, while others have used ultraviolet.
In the most extreme cases, when it was deemed insufficient to put them in quarantine, they even proceeded to destruction of paper tickets and replacement with an uncontaminated series.
The latter was the case in Hubei, a Chinese province where an extraordinary issue of 4 billion yuan was decided. To communicate what happened was Fan Yifei, the Deputy Governor of the Chinese Central Bank.

WHO confirmation

It was the World Health Organization (WHO) that confirmed that banknotes can carry Covid 19, which can stay on them for days. Precisely for this reason many analysts have gone so far as to make a demanding forecast: just the coronavirus is preparing to prove to be a remarkable ally of cryptocurrencies, prompting governments to hasten their adoption.
A prophecy that, moreover, is combined with a couple of other factors that also seem to push for a significant shortening of the time needed to popularize virtual coins in the eyes of the vast majority of the population.

Fight against tax evasion and blockchain

The first factor in this regard could be the need to combat tax evasionis. In practice, many governments may be tempted to start their own CBDC (Central Bank Digital Currency) to better control the circulation of money within its territory. A choice that has once again seen the China in the front row, but not only. There are many countries in various parts of the globe that now seem determined to play this card too, precisely to prevent the sector from becoming the ideal terrain for taking resources away from the tax authorities.
The other factor is then represented by blockchain, the technology that many refer to as the Internet of the near future. In addition to being an indispensable tool for virtual coins, it is hiring one function increasingly important in everyday life. There are more and more sectors in which it can reveal all its usefulness and this makes it increasingly important in the eyes of politics.
The result is an increasingly noticeable popularity and an equal attention from the public opinion. Soon, what happened for information technology and mobile telephony could happen, or push a large number of people to believe they not being able to risk being cut off from what promises to be a real revolution.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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