Post Pandemic Government Interest in Cryptocurrencies

Post Pandemic Government Interest in Cryptocurrencies 1

Post-Pandemic Cryptocurrency Use

Cryptocurrencies dropped once the pandemic was declared and they haven’t rallied to impressive values since. Yet there’s growing interest from investors, regular traders, and even governments. Perhaps not in the actual digital currencies but definitely in the technology that powers them.

Blockchain Applications

Although Bitcoin is still illegal in China, most Asian countries do use blockchain technology. The technology is used to track financial aid given out for the coronavirus outbreak. As well as donations to individuals and certain businesses.

Some insurance companies started using blockchain technology to speed up the process of paying claims. It shouldn’t come as a big surprise given the technologies proven efficiency in tracking and logging financial information.

In a world where social distancing is still necessary, blockchain technology seems like the correct idea in critical data tracking and connecting nations around the world. It’s looking more likely that governments will also start leveraging blockchain systems for research sharing, information transparency, and improving the reaction time and response towards the pandemic in various countries.

Coinbase 3

More Interest in Digital and Wireless Payments

The WHO called for increasing the use of contactless payment methods in all areas. An obvious choice since paper and plastic money are prime mediums for transferring viruses. Cryptocurrency wallets and crypto coins are becoming more appealing as they offer alternatives to regular credit cards and debit cards.

does bitcoin have any value? most believe that it is determined by demand and supply

There are already hundreds of cryptocurrency ATMs around the world where people can buy crypto assets. More merchants and service providers adopt Bitcoin, Bitcoin Cash, Ethereum, and other high-value cryptocurrencies as payment options.

It’s all about minimizing physical contact through transactions, and digital currency is one of the best ways to do this.

A Positive Move Towards Crypto

Earlier in March of 2020, before the pandemic hit the US, the Cryptocurrency Act of 2020 was introduced. It focuses heavily on laws and policy and the new bills could lead to more widespread adoption of digital currency.

Although no new specific laws have been passed yet, the growing global need for moving certain aspects of daily life in the digital sphere shows promise for the state of cryptocurrencies. If the pandemic did

anything to benefit crypto it was raising awareness of the need of having efficient transaction mediums, transparent record-keeping, and alternative methods of connecting people and businesses remotely.

All are features made possible by blockchain technology and crypto coins. This is certainly a time where governments and financial institutions can’t afford to be too afraid of decentralized currencies anymore.

Innovating Public Banking

The Inclusive Value Ledger bill was drafted in New York earlier this year. This is a bill that proposes the use of digital wallets to allow individuals with low incomes or no bank accounts to store money digitally.

It’s an interesting concept and one that would definitely help those of lesser means. It’s even better because it proposes no transaction fees for money transfer. The bill has a provision for a statewide-only public digital currency that can act as a medium in this case.

But it’s the concept behind the bill that shows promise and a bright future for the use of cryptocurrencies. More states have shown interest and the same concept has been used on a global scale in response to the pandemic.

Even if the government doesn’t get behind something like this from the start, it’s definitely a model to build on. It can be particularly useful in trying to minimize exploitative lending and various greedy cheque cashing services.

Post Pandemic

As much as financial institutions would like to adopt such an initiative, it’s still up to politicians to make it happen. The good news is that the bill that proposed the Inclusive Value Ledger concept was drafted in part by politicians. So, it just goes to show that some people’s minds are in the right place.

Remaining Concerns Regarding Cryptocurrencies

One of the biggest obstacles for worldwide cryptocurrency adoption remains the decentralized nature of digital currencies. Most countries don’t want to give it too much leeway because unlike centralized fiat currencies, banking systems can’t use traditional monetary tools to control and intervene. This could be a big problem in countries with volatile, small economies that adopt non-sovereign currencies.

Of course, the volatility of some cryptocurrencies is another issue. It’s still in a place that doesn’t instill much trust from governments, or enough trust to back digital currencies. That said, government backing and reclassification of crypto from assets or barter goods, may in fact bring much-needed stability to the crypto market.

The Technology Behind Cryptocurrencies Is Invaluable Now

Whether the average trader understands the proof-of-work technology and driving force behind cryptocurrencies, one thing is certain. Blockchain technology is an invaluable asset in a post-pandemic world due to the benefits it offers when it comes to facilitate

Post Pandemic Government Interest in Cryptocurrencies 2
blank
About the author

Brent Dixon is the owner of E-Crypto News and an early adopter of cryptocurrencies. He is a Book editor- that has edited numerous books on Cryptocurrencies. He has been a writer for more than 30 years. Covering everything from Jazz Music to Blockchain Technology. He currently lives with his wife on Miami Beach, Fl.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 32,548.00
ethereum
Ethereum (ETH) $ 2,074.16
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 290.32
cardano
Cardano (ADA) $ 1.18
xrp
XRP (XRP) $ 0.598070
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.192609
polkadot
Polkadot (DOT) $ 12.94
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 32,548.00
ethereumEthereum (ETH)
$ 2,074.16
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 445.80
litecoinLitecoin (LTC)
$ 120.53
bitcoinBitcoin (BTC)
27.651,97
ethereumEthereum (ETH)
1.762,15
tetherTether (USDT)
0,849575
bitcoin-cashBitcoin Cash (BCH)
378,74
litecoinLitecoin (LTC)
102,40
bitcoinBitcoin (BTC)
23,914.48
ethereumEthereum (ETH)
1,523.98
tetherTether (USDT)
0.734745
bitcoin-cashBitcoin Cash (BCH)
327.55
litecoinLitecoin (LTC)
88.56

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020
KuCoin hackers steal $150 million
KuCoin Exchange Hacked But Insurance Will Cover The Stolen $150M
September 29, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d

bitcoin
Bitcoin (BTC) $ 32,353.00
ethereum
Ethereum (ETH) $ 2,027.87
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 284.75
cardano
Cardano (ADA) $ 1.16
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.582871
dogecoin
Dogecoin (DOGE) $ 0.188474
polkadot
Polkadot (DOT) $ 12.66
binance-usd
Binance USD (BUSD) $ 1.00