To Which Extent Has Coronavirus Infected The Cryptocurrency Industry?
Coronavirus has infected more than 120,000 people worldwide so far, and the World Health Organization (WHO) declared it pandemic. Besides uncertainty in the financial markets, the crypto and blockchain industry also affect by COVID-19.
China Delays Cryptocurrency’s launch
China had a plan to launch its cryptocurrency in the first quarter of 2020. Due to Coronavirus, the country has been affected very badly, and hundreds of people have died to date.
China was the first country to announce its state-based Digital Currency Electronic Payment (DCEP). The central bank, the People’s Bank of China (PBoC), planned to launch at the start of 2020, but now, they decide to delay as a result of the current intense conditions in the country.
According to the sources, the central bank delays the plan to launch DCEP. This is not the one sector result to stop its operations, but the whole economic wheel disrupts as a result of COVID-19.
‘’The coronavirus outbreak has led to postponed work resumption in government institutions, including the People’s Bank of China (PBoC). Policymakers and research staff involved in the DCEP project are no exception, which weighs on the development process,” an unidentified source said to Global Times.
‘’By 2023, it is estimated that about 10 percent of Chinese cities will start using digital currency based on blockchain technology, according to an IDC report in February,’’ the Global Times added.
CME Group to Stop its Operation
The US-based giant trading firm Chicago Mercantile Exchange (CME) Group decided to suspend trading from March 13. The world’s largest derivative exchange announced to stop its operation in Chicago as a result of the Coronavirus outbreak. The statement released by CME group reads:
‘’No coronavirus cases have been reported on the trading floor or in the Chicago Board of Trade building. The reopening of the trading floor will be evaluated as more medical guidance on the coronavirus becomes available.’’
San Francisco-based crypto exchange Coinbase asks employees to work from their homes until the COVID-19 exists. Similarly, a crypto analytics firm, Messari, based in New York announces that the staff will work while staying home in an attempt to prevent Coronavirus.
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