Who would have imagined a year ago how much our lives would change in just 12 months? Undoubtedly, November of last year will remain an important moment in human history – the time when it all began. While “ patient zero ” has not yet been confirmed – if he is – we now know that it all began in China on November 17, 2019, when it was reported that the first patient had symptoms of a new coronavirus disease called COVID-19, according to South Reports. China Morning Post, citing government figures.
In January 2020, the Chinese center of Wuhan was severely affected by the rapidly growing COVID-19 epidemic, and according to a publication in The Lancet, “41 hospitalized patients were classified as laboratory confirmed” just two months later, in March, the World Health Organization announced COVID-19 is a global pandemic. One by one, governments around the world have closed their national borders, suspended public events, and banned public gatherings. The conversation revealed two previously seldom used terms that are now preached by Collins’ British Dictionary 2020: “isolation” and “social distancing”.
It is difficult to imagine any areas of our lives that have not been affected by these tragic and tragic events, as the number of confirmed cases of the disease in the world exceeds 55 million.
Ultimately, the ongoing COVID-19 crisis has had a positive effect on the world. European conservatism, which had long relied on the traditional financial system, was questioned when the pandemic forced Europeans to switch to cashless payments and cryptocurrencies. Some say it has even registered the proliferation of DLT and cryptocurrency business solutions around the world, changing people’s understanding of money.
On this topic: What the COVID-19 pandemic means for blockchain and cryptocurrencies
Specifically, the COVID-19 outbreak has led to Bitcoin (BTC) becoming a safe-haven currency as central banks request about $ 15 trillion in stimulus to mitigate the pandemic’s impact on the global economy. Amidst rising inflation, people are looking to Bitcoin as the next inflation hedge.
On this topic: Not the same as before: Digital currencies will debut in the middle of COVID-19
Meanwhile, in the name of public health, governments are launching COVID-19 tracking programs, raising serious concerns about privacy violations and tightening central controls in the process. Don’t stop there, governments have also taken a new step to undermine civic independence by developing central bank digital currencies, an initiative that has been bolstered globally due to the COVID-19 crisis. While experts see the solution to protecting privacy in decentralized technology, the question of the promised decentralization remains open.
However, the outbreak of the Coronavirus has changed everyone’s lives, creating a new normal life that we live now. Despite all the challenges we have faced economically, politically and socially since the beginning of the year, there is no doubt that the epidemic is rife. Leading digital innovation and accelerating the technological development of humankind 20 years into the future.
It’s too early to know when this will all end because COVID-19 is still gaining traction. Now, a year after the first case in Wuhan, Cointelegraph is in contact with experts in blockchain technology and cryptocurrencies to find out how the coronavirus pandemic has affected the industry.
What is the impact of the COVID-19 outbreak on the cryptocurrency space?
Ashish Birla, General Manager, RippleNet:
“ COVID-19 has exacerbated inequality for the many people who do not have a bank or branch bank, highlighting the gaps in our financial infrastructure, as it pays the least expensive – on average, it costs between $ 200 and $ 14. In an American pandemic, people continue to send money to family and friends abroad. As a result, transfers have continued to rise in some of the largest corridors. For example, the corridor between the United States and Mexico began a significant increase in remittances due to the epidemic: In March 2020, Mexico received $ 4.02 billion from abroad, which is 36% more than March 2019. Ripple can help reduce the cost of remittances by using cryptocurrencies and blockchain to make international payments faster, cheaper and more reliable. Bitso, one of the leading exchanges in Mexico, trades About 10% of total transfers from the US to Mexico are using Ripple’s technology, which uses XRP as an intermediary currency.The synonym is seeing greater interest in space than ever before, as major companies like PayPal and Square are investing in cryptocurrencies. It pushes it into the mainstream. The validation of these companies has increased interest in the usefulness of cryptocurrencies and their ability to better serve their businesses and customers. “