CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$56,609.00
  • ethereum
    ETH$2,228.57
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Cash And Debit Cards May Transmit COVID-19 And CBDCs Could Be The Solution, BIS Report Says

    Cash And Debit Cards May Transmit COVID-19 And CBDCs Could Be The Solution, BIS Report Says

    Author: Jordan Lyanchev

    Last Updated Apr 5, 2020 @ 14:28

    Amid the spread of the COVID-19 pandemic, world governments and central banks should focus on launching CBDCs, a BIS report suggested. By using digital currencies, people could avert cash, credit card terminals, or PIN pads – which may transmit the novel virus.

    Coronavirus And Money

    The COVID-19 outbreak took the world by storm. Over 1.2 million confirmed cases and 65,000 deaths since the start of the year. What’s even more threatening is the speed in which the virus spreads.

    Some reports implied that even paper cash could transfer it. Several governments took precautionary measures by quarantining, disinfecting, and also destroying banknotes.

    The large international institution – the Bank for International Settlements – recently compiled a report on the manner. It reaffirmed the growing fears amongst people:

    “Central banks report a large increase in queries from the media on the safety of using cash. The number of internet searches pertaining to both “cash” and “virus” is at record highs.”

    Cash/Virus searches by countries. Source: bis.org
    Cash/Virus searches by countries. Source: bis.org

    The document also referred to a few studies claiming that forms of viruses, bacteria, fungi, and parasites can survive on banknotes and coins. A 2020 research revealed that the COVID-19 could survive for three hours in the air, 24 hours on cardboard, and even more on other hard surfaces.

    ADVERTISEMENT

    Scientists concluded that the probability of transmitting the coronavirus via banknotes is low when compared to other frequently-touched objects. For instance, those can be credit cards or PIN pads:

    “The fact that the virus survives best on non-porous materials, such as plastic or stainless steel, means that debit or credit card terminals or PIN pads could transmit the virus too.”

    Are CBDCs The Solution?

    A previous report by BIS outlined that 80% of central banks are currently developing central bank digital currencies (CBDC). The new one brought CBDCs as a potential solution to avoid touching physical subjects when operating with money.

    According to the paper, such digital currency would have to possess several vital qualities to cope with the current situation in the world:

    “Such infrastructures would need to withstand a broad range of shocks, including pandemics and cyber attacks. In the context of the current crisis, CBDC would, in particular, have to be designed, allowing for access options for the unbanked and (contact-free) technical interfaces suitable for the whole population.

    The pandemic may hence put calls for CBDCs into sharper focus, highlighting the value of having access to diverse means of payments, and the need for any means of payments to be resilient against a broad range of threats.”

    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • Moderna COVID-19 Vaccine News Sends Bitcoin To a New 2020 High
    • us_bitcoin_cover
      Grayscale Study: COVID-19 Made Bitcoin Even More Attractive To US Investors
    • DigitalCurrencies
      Report: Three to Five Countries Will Replace Their Currencies With CBDCs By 2030
    Tags: Banks CBDC Coronavirus (COVID-19)
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

    button
  • bitcoin
    BTC$56,609.00
  • ethereum
    ETH$2,228.57
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    bigomex
    Bitcoin Editorials
    6 Ways to Avoid Losing Your Funds to DeFi Scams in 2021

    6 Ways to Avoid Losing Your Funds to DeFi Scams in 2021

    4 Reasons Altcoin Season 2021 Has Officially Started

    4 Reasons Altcoin Season 2021 Has Officially Started

    After Tesla: Is Apple Eyeing Bitcoin? What We Could Expect to See Next (Opinion)

    After Tesla: Is Apple Eyeing Bitcoin? What We Could Expect to See Next (Opinion)

    What Is NFT? Non-Fungible Tokens Guide For Dummies

    What Is NFT? Non-Fungible Tokens Guide For Dummies

    What is BitClout? The Latest Crypto Hype – Is It Safe?

    What is BitClout? The Latest Crypto Hype – Is It Safe?

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!