Cryptocurrency Gets Approval as WHO Condemns Paper Money Following Coronavirus Spread

Cryptocurrency Gets Approval as WHO Condemns Paper Money Following Coronavirus Spread

The World Health Organization (WHO) warned in a recent statement that coronavirus may potentially infect up to 60 percent of the world’s population. This is not very good news, especially considering that this disease is transmitted by inhalation and physical contact.

Money has become one of the main avenues that this disease spreads, according to the WHO as money can change hands very easily, which means that a single currency bill can reach and affect several people. The fact that the virus will remain active on the banknote surface for several days is even more disturbing, and this increases the number of people through which it can pass.

The Chinese government has already initiated a disinfecting fiat currency project that could remove the virus, but this is still not adequate to counter the coronavirus threat.

Cashless Payment May Boost Crypto Adoption
Given this dangerous scenario, WHO approves that people stop using cash and use payment methods that do not require physical contact with money instead.

That makes digital money attractive as a medium of exchange, such as cryptocurrencies. As a result, when people start doing business with them, taking cryptocurrencies can be a good splash. In this situation, it can greatly benefit Bitcoin, which is already the most common cryptocurrency with the highest liquidity.

Wider usage means a greater volume of trade, both at peer-to-peer and on exchanges. It also means more cryptocurrency competition and consequently a higher price. The situation with coronavirus may become positive for Bitcoin and other cryptocurrency systems with the approval of the World Health Organization.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.