Coronavirus Hits China With A CBDC Delay

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Coronavirus is one of the main subjects addressed by outlets all over the world, as the fear and worries about the new virus continue to rise as COVID-19 is spreading in more and more countries these days, affecting the economy at a global scale and more.

Central-bank digital currencies gain popularity

Leaving the coronavirus-related hysteria worldwide aside for a bit, the crypto space’s new craze is now the central-bank digital currencies.

It’s been revealed that more and more research has been put into them from all kinds of central banks across the globe, but the new virus spreading across the world triggered the stop of China’s research.

The coronavirus had an important impact on the crypto industry and the rest of the world as well.

CryptoDaily reveals that on the 25th of February that the coronaviruses impact has seen significant setbacks worldwide, with one source close to the situation saying the following:

“The coronavirus outbreak has led to postponed work resumption in government institutions, including the People’s Bank of China. Policymakers and research staff involved in the DCEP [Digital Currency Electronic Payment] project are no exception, which weighs on the development process.”

It’s been also revealed that more crypto conferences have been delayed in China due to the health-related issue.

The crypto market today

Other than this, the crypto market still looks pretty bloody today, with most coins trading in the red.

Bitcoin was showing signs of recovery the day before, but it seems that the coin fell below $8,800, and at the moment of writing this article, the most important digital asset is still trading in the red, and it’s priced at $8,753.90.

Analysts have already addressed the reasons for this fall in price, and potential triggers include whales, natural corrections, and also the coronavirus and the global fear that it triggers.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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