The world economy as it stands has been shaken by COVID-19, a pandemic which has become as well known as cryptocurrency. A digital currency secured by cryptography and almost impossible to the fate that comes with counterfeit, this form of financial exchange has, unlike other global businesses and financial institutions, seen a positive impact in the midst of a doom-and-gloom pandemic and worsening world economy.
According to Cryptocurrency and the trading thereof the 740 cryptocurrency and NGN Fiat pairs including Bitcoin, Etherreum and BNB with Binance Spot, has fortunately experienced minimal impact because, like other smart initiatives in the virtual space, it is a digital system. With adverse effects in market industries and businesses, with employees seeking the effect that comes with job loss, investors, locals and all left with a pinch in their pocket are showing more and more interest in digital currencies.
Furthermore, going cashless around the globe is another movement since COVID-19 started taking one business down at a time. With the inclusion of Nigeria, many countries around the world have been shunning hard cash in most, if not all, markets. Business transactions have too turned from credit cards to digital currency systems, with banks getting on the cryptocurrency bandwagon and gearing their transactions and payments to be done the digital way.
An extract from a published article substantiates the above, “COVID-19 accelerates the use of cashless money across the world. Research made by a health organization shows that the virus is transmitted through the handling of cash. Therefore, people have been advised to shun the use of cash to avoid the spread of COVID-19. This has made those countries that encouraged the use of cash to turn into a cashless society.
However, some people believe that coronavirus is not transmitted through cash handling. Despite this, they are turning towards the use of digital currency due to environmental influence.According to an online article, “Specifically, the COVID-19 outbreak has propelled Bitcoin’s (BTC) safe haven narrative as central banks print an estimated $15 trillion in stimulus in an attempt to ease the pandemic’s effects on global economies. Amid rising inflation rates, people are turning to Bitcoin as the next inflation hedge.
Meanwhile, in the name of public health, governments are initiating COVID-19 tracking programmes, raising serious concerns about privacy violations and the tightening grip of centralization in the process. Not stopping there, governments have also taken another step in eroding civil autonomy via the development of central bank digital currencies, it’s in inflation; its borderless feature makes payment effortless, convenient and reduces transaction fees to a very low level; is accessible to all generations, including tech-savvy Nigerian youth; has no central authority which could breach payment; Funds in this form aid medical and legal bills; More leading brands are taking advantage of cryptocurrency which means digital users in Nigeria and the world at large have access to more local and global brands.