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Digital Currency Revolution Series: A Glimpse At Scope For Potential Digital Forms Of Euro, Dollar & Yuan Amid Pandemic Covid-19 Crisis
Of late, the pandemic COVID-19 drives the major global markets lockdown, that in turn has caused the global recessionary phase. With total number confirmed cases of coronavirus across the world has crossed 3 million, the US alone contributes over 1 million cases, the total casualties exceeds 216,000 in the entire world. The global economy looks sluggish, millions of Americans have lost their jobs in the last two months. Elsewhere, eurozone PMIs have indicated the diminishing trend in their business activities.
The European Central Bank (ECB) is exploring ways through which it can develop its payments infrastructure while maintaining the social distancing and is evaluating solutions with the help of blockchain technology and its pros & cons.
However, the questions, such as, ‘how are the long-term cyclical effects of this pandemic likely to manifest’, and ‘how can we position ourselves for a new future under unexpected circumstance’ have resulted the sovereign governments and their central banks across the globe to explore the essence and the opportunities of CBDC (Central Bank Digital Currency) foreseeing a swift transformation phase in the prevailing finance system.
the ECB to worry about its stimulus cash. The ECB is looking for a solution that can ensure that the cash reaches citizens quickly.
On the above-mentioned economic backdrop, the development of the PBoC’s digital Yuan appears to be indulged by the COVID-19. On this matter, PBoC organized conference-call, primarily, to discuss the developments of the digital renminbi. Huang Qifan, the vice chairman of the China International Economic Exchange Center, had also announced the name of the digital currency to be launched by the People’s Bank of China, DCEP (Digital Currency Electronic Payment, their native cryptocurrency) in the recent past.
ECB reported in a blog titled “Beyond monetary policy – protecting the continuity and safety of payments during the coronavirus crisis”, they mentioned the disrupting lives of millions of Europeans due to deadly contagious coronavirus. The central bank also noted that they are suffering from its tragic human consequences: the absolute priority remains to support healthcare systems and those who are sparing no effort to defeat the pandemic. It also mentions blockchain-based technologies such as the digital euro.
The report also lauded the Target Instant Payment System (TIPS) that was launched in November 2018 by the ECB as a settlement layer for commercial banks. They noted that the system could handle 2,000 transactions each second and was designed to settle over 43 million payments each day.
In yet another case, a renowned crypto-enthusiast at the US-SEC’s Hester Peirce, has divulged the relationship between a potential digital dollar and independent crypto.
Yesterday, webstream with Crypto Finance Conference St. Moritz, the commissioner who is also known as CryptoMom, whose tenure likely to get over by this June, addressed the mounting possibility of potential digital dollar.