Countries are preparing to use digital money due to the economic crisis that comes with the coronavirus. Many countries aim to overcome the crisis with minimal damage with digital coins.
Countries looking for a way out with digital money
According to Goldman Sachs data, the coronavirus outbreak will cause shrinkage of up to 35 percent in the national economies. Due to this decline, many countries are turning to different exit routes.
For many countries, the most popular topic in the last period was digital currencies. Benoît Cœuré, who serves on the European Central Bank’s Board of Directors, says that post-coronavirus resilience and technology will be two priority issues.
This epidemic, according to Cœuré, revealed how important technological values are, along with working remotely. Stating that the cash loss was experienced very quickly in this period, Cœuré states that digitalization in the economy will come to the fore by going beyond the digitalization in payments.
The fact that paper money is a carrier of coronavirus revealed how important digitalization is in the economy. With this period, countries started to make new plans for digital coins.
In April, China announced the preparations for the 2022 winter Olympics, sharing details with its Digital Yuan project.