WHO encourages use of digital payments due to COVID19

[plvbob0070]

Corona Virus has been a big issue that disturbed everyone not only in China for months. But this outbreak never stopped and it continues to spread in the different country putting everyone in fear. With the huge number of cases, central banks had to quarantine their banknotes just to lessen the possibility of spreading the virus.

If you're curious, you can see the previous thread I started regarding South Korea quarantining and even burning their cash

Code:

https://bitcointalk.org/index.php?topic=5231105.40

February 15, lenders in China were asked by their government to disinfect their money for 14 days. Federal Reserve also trying to set aside US dollars from Asia for 7-10 days before including it in circulation. Also, the Bank of England advises its people to wash their hands after handling money because it can hold bacteria and viruses.

With this outbreak, a spokesperson of WHO said that “people should use contactless [payment] technology where possible.”



Source:

Code:

https://www.forbes.com/sites/rogerhuang/2020/03/09/who-encourages-use-of-digital-payments-due-to-covid-19

It's obvious why he suggested it to prevent having contact with money that a lot of people had previously own. This brings a chance for cryptocurrency to be recognized by the government. Suggesting less physical transactions means that cryptocurrency can help with that. To avoid having contact with different people, we can use cryptocurrency for transactions that we don't have to touch any paper money or even have close contact with the people we're having a transaction with.

Those countries with a higher number of cases of the virus should try looking at this opportunity because even with a small part, it can help them and their people to keep themselves safe. Countries like China and Korea who have a great number of cases can adapt to these changes easily because they are a developed country. Instead of continuously putting their bills on quarantine, they can lessen the work if they would be willing to adopt it. Recently, Korea had legalized cryptocurrency which makes it easier for them to adopt it.

[Findingnemo]

Money is the medium which is used by everyone in the world so it has been a primary reason why of a virus getting spread but this won't increase the adoption of cryptocurrency by the way because there are not many places we can spend actual cryptocurrencies so it is all about digital bank transactions.

[LeGaulois]

Did you know that without considering COVID19 banknotes are already full of bacterias (i.e. staphylococcus)? It's also a great vector of Hepatitis C and that's how people get infected without knowing it.

In this case why not always put in quarantine the cash before going to circulation?
In the old-time to avoid contamination, Australia started to use banknotes done from synthetic polymer and a lot of countries followed the example.

If you think this quarantine of money can give a legitimate reason for governments and central banks to recognize the cryptocurrency.
Tell yourself they'll never use a currency that doesn't depend on a state and also, most central banks are working on their own CBDCs (central bank digital currency) which have a lot of better chance to be 'recognized' than crypto. In 5-10 years half of us will be using it.

So instead, perhaps COVI19 will just seed up the realization of this, why not...

[hatshepsut93]

It's obvious why he suggested it to prevent having contact with money that a lot of people had previously own. This brings a chance for cryptocurrency to be recognized by the government. Suggesting less physical transactions means that cryptocurrency can help with that. To avoid having contact with different people, we can use cryptocurrency for transactions that we don't have to touch any paper money or even have close contact with the people we're having a transaction with.

I think cryptocurrency is far from the first thing that comes to the minds of government when they hear "contactless payment" - they would likely think about bank cards, PayPal, GooglePay and so on. There might some small chance that it will indeed lead to crypto recognition, but I think at times of the crisis no one will have time to think about crypto. And potential adopters might be scared off by crypto's volatility, as we see that crypto markets aren't doing well now.

[kaya11]

Corona Virus has been a big issue that disturbed everyone not only in China for months. But this outbreak never stopped and it continues to spread in the different country putting everyone in fear. With the huge number of cases, central banks had to quarantine their banknotes just to lessen the possibility of spreading the virus.

If you're curious, you can see the previous thread I started regarding South Korea quarantining and even burning their cash

Code:

https://bitcointalk.org/index.php?topic=5231105.40

February 15, lenders in China were asked by their government to disinfect their money for 14 days. Federal Reserve also trying to set aside US dollars from Asia for 7-10 days before including it in circulation. Also, the Bank of England advises its people to wash their hands after handling money because it can hold bacteria and viruses.

With this outbreak, a spokesperson of WHO said that “people should use contactless [payment] technology where possible.”



Source:

Code:

https://www.forbes.com/sites/rogerhuang/2020/03/09/who-encourages-use-of-digital-payments-due-to-covid-19

It's obvious why he suggested it to prevent having contact with money that a lot of people had previously own. This brings a chance for cryptocurrency to be recognized by the government. Suggesting less physical transactions means that cryptocurrency can help with that. To avoid having contact with different people, we can use cryptocurrency for transactions that we don't have to touch any paper money or even have close contact with the people we're having a transaction with.

Those countries with a higher number of cases of the virus should try looking at this opportunity because even with a small part, it can help them and their people to keep themselves safe. Countries like China and Korea who have a great number of cases can adapt to these changes easily because they are a developed country. Instead of continuously putting their bills on quarantine, they can lessen the work if they would be willing to adopt it. Recently, Korea had legalized cryptocurrency which makes it easier for them to adopt it.

I have been never been bug by the virus not until today when suddenly our country has confirmed 35 cases total, mix Chineese and local citizen, some are panicking already since this could also mean that the contact to contact is real and it could already gone too far. For now we cannot feel the tension because the numbers are small, sooner or later when it would be more than hundreds and counting then the country will be in a statee of calamity again, just recently it is because of a Volcanic eruption. If I were to ask- I would change all my money to crypto just to make sure that my valuable assets are safe.

[joniboini]

If I were to ask- I would change all my money to crypto just to make sure that my valuable assets are safe.

It won't be safe from volatility though. Better diversify it to 3 or more assets such as gold (which is currently skyrocketing), bonds, etc.

That being said, I believe contactless payment alternatives other than crypto has been used since years ago. NFC payment card, or using your phone to pay is relatively familiar for South Korean for example. I won't be so optimistic about this. Better spend the time to develop and increase more nodes to strengthen the network.

[Little Mouse]

bonds

I think in such an economic condition, bonds are risky too because if huge inflation happen (which is not impossible), bond will be returning nothing.

That being said, I believe contactless payment alternatives other than crypto has been used since years ago. NFC payment card, or using your phone to pay is relatively familiar for South Korean for example. I won't be so optimistic about this. Better spend the time to develop and increase more nodes to strengthen the network.

Yes, you are correct because most people don't know about crypto. In my country, people will take bkash as contactless transaction and it's available in most of the shops.

[arrmia11]

Money is the medium which is used by everyone in the world so it has been a primary reason why of a virus getting spread but this won't increase the adoption of cryptocurrency by the way because there are not many places we can spend actual cryptocurrencies so it is all about digital bank transactions.

Yeah you are actually right the virus are getting spread quickly because of the primary currency that we are using in our daily lives. That why we need to use the digital bank transaction for our daily safety and its really easy to use and we need to spred it.

[plvbob0070]

I think cryptocurrency is far from the first thing that comes to the minds of government when they hear "contactless payment" - they would likely think about bank cards, PayPal, GooglePay and so on. There might some small chance that it will indeed lead to crypto recognition, but I think at times of the crisis no one will have time to think about crypto. And potential adopters might be scared off by crypto's volatility, as we see that crypto markets aren't doing well now.

You have a point. Not everyone would want to take a risk on crypto especially when there's an issue like this. Like what you have said, there's a higher possibility that they would go with card payments but crypto payments can also be their option if they have or they want to. It's not necessary that they will shift from fiat to crypto. But since Korea has recently legalized crypto, it will give crypto a higher chance to be noticed by Koreans.

I have been never been bug by the virus not until today when suddenly our country has confirmed 35 cases total, mix Chineese and local citizen, some are panicking already since this could also mean that the contact to contact is real and it could already gone too far. For now we cannot feel the tension because the numbers are small, sooner or later when it would be more than hundreds and counting then the country will be in a statee of calamity again, just recently it is because of a Volcanic eruption. If I were to ask- I would change all my money to crypto just to make sure that my valuable assets are safe.

Even with the low number of cases, it still bothers me because of the incompetency of our government. Unlike other countries who can handle the situation very well, I'm afraid that this small number of cases will double in just a short period of time. We have limited test kits and not everyone is capable of handling the expense of going to hospitals. Look how our citizens act on this kind of situation, instead of helping each other, they're hoarding necessities and selling it at double price.

It's up to you if you want to put all of your money in crypto. But what I'm just trying to say is that crypto can be an option or alternative to lessen physical contact transactions and holding paper bills that have various bacteria.

[Raflesia]

I think cryptocurrency is far from the first thing that comes to the minds of government when they hear "contactless payment" - they would likely think about bank cards, PayPal, GooglePay and so on. There might some small chance that it will indeed lead to crypto recognition, but I think at times of the crisis no one will have time to think about crypto. And potential adopters might be scared off by crypto's volatility, as we see that crypto markets aren't doing well now.

You have a point. Not everyone would want to take a risk on crypto especially when there's an issue like this. Like what you have said, there's a higher possibility that they would go with card payments but crypto payments can also be their option if they have or they want to. It's not necessary that they will shift from fiat to crypto. But since Korea has recently legalized crypto, it will give crypto a higher chance to be noticed by Koreans.

Slowly but surely maybe some will switch to crypto as a means of payment because at times like this condition or being crunched crypto may be relied on but must go through contact, but this is still not fully acknowledged even though Korea has legalized crypto in other countries but other countries We have not yet received the presence of crypto, so it is still a negotiation, and is it possible that we will adopt many other countries, of course we know that.

[Xampeuu]

Fiat money becomes an effective means of spreading the corona virus, so that from Fiat money the spread of this virus can spread quickly and be able to survive on fiat money for several hours. if WHO recommends the use of digital currencies, I think it is appropriate, in order to inhibit the spread of this virus, because this virus is always developing so that various climates in the world can become a nest

[exstasie]

They are talking about "contactless payments" meaning cards, smart phones, etc. that use RFID or NFC.

They also said this so let's not go too crazy:

“WHO did NOT say banknotes would transmit COVID-19, nor have we issued any warnings or statements about this,” WHO spokeswoman Fadela Chaib told MarketWatch. “We were asked if we thought banknotes could transmit COVID-19 and we said you should wash your hands after handling money, especially if handling or eating food.”

Did you know that without considering COVID19 banknotes are already full of bacterias (i.e. staphylococcus)? It's also a great vector of Hepatitis C and that's how people get infected without knowing it.

In this case why not always put in quarantine the cash before going to circulation?

What about credit cards? They are apparently even more germ-infested than cash: https://www.fastcompany.com/90353937/hate-credit-cards-now-you-have-yet-another-reason-to

[Kakmakr]

When I brought this up in a previous thread I created, people said I was stupid and I misuse significant events to hype Bitcoin use. See this thread - https://bitcointalk.org/index.php?topic=5224884.0 <Bitcoin can save some people's lives>

Now the WHO are saying the same thing and it validates my concerns raised in that thread.   Just imagine what will happen if some terrorist find access to a Covid19 infected person and they start circulating infected Bank notes and coins. < You get suicide bombers, so I guess it would not be strange to get someone that would willingly infect themselves and their money to kill 1000's of people.>  

I guess nobody would be able to do that with bitcoins, so it is just another advantage that Bitcoin has over Fiat <cash>  

[Darker45]

Money is dirtier than most objects. Imagine how many people will hold a single piece of paper bill or coin while it is in circulation. And for its whole life span, it is never disinfected. Any kind of people will use cash. Especially in my country and other developing countries, our money is very dirty; it is being used in transactions in wet markets, in street food stalls, in the public transportation, in buying food, in paying for a comfort room fee, and so on and so forth.

I guess this is the first time that I hear of cash being disinfected and even quarantined. For so long a time, it has always been a carrier of bacteria and virus that cause diseases. And as much as possible, I agree with WHO, we should really try shifting to digital payments. Crypto is, of course, a good option.

[el kaka22]

I guess it is just common sense, think about it if you lived in a place with corona virus would you prefer to exchange money on hand or would you simply prefer to do it digitally.

However, this doesn't mean that money has to be digital in crypto form, it could be very well debit card or credit card that you can use yourself instead of others or you can simply pay with an app reading a QR code as well and all that would be safe as well so I am assuming the number of that would increase instead of crypto numbers increasing.

Crypto would see a spike as well of course but not all that much to make any difference if you ask me. Adoption has been stagnant since 2017 peak times and the following bear, I haven't realized any big new adoption increase at all and doubt this will be the new one.

[Harlot]

I think people are always overplaying what WHO says with regards to “contactless payments” in all the news I have seen so far. They make it look like this is the solution to stop the outbreak and this is the way not to get infected but the truth is banknotes are not even the ones soreading the disease but the people who are using them. WHO and dozens more of health organizations, health departments, and universities already claimed that hygiene is something we need to focus more on loke washing our hands thoroughly and cleaning surfaces woth disinfectants. Hygiene is so important that the doctors and nurses are not even recommending wearing a face mask for those who aren't infected. My advice is for you not to get carried away with the dozens of recycled news we have seen related to this.

[Vishnu.Reang]

Even here in India, there have been a lot of campaigns lately urging the users to go for digital payment options rather than physical cash. Unfortunately, when they mean "digital cash", they are referring to digital versions of fiat currency (such as PayTM, Google Pay.etc). Bitcoin is not being heard in any of the campaigns. My biggest fear is that the government will try to eliminate the usage of physical cash, giving the excuse of COVID 19. They can do surveillance on individuals, if they are forced to use the digital versions of fiat currency.

[slashz9]

Money is the medium which is used by everyone in the world so it has been a primary reason why of a virus getting spread but this won't increase the adoption of cryptocurrency by the way because there are not many places we can spend actual cryptocurrencies so it is all about digital bank transactions.

yes I also believe so, because digital money is now more dominant like paypal, visa, or other transactions.
while crypto for now people prefer to use it as an investment vehicle or commodity where they expect profit rather than as a daily transaction that is used fiat.that is why the corona virus has no effect on the crypto market.
but it impacts other sectors such as stocks, and industry, and the currency of each country.

[Meowth05]

This kind of approach is hitting two birds with one stone. It prevents the spread of the contagion and it also helps in promoting the use of cashless transaction, thus in turn promotes cryptocurrency which is a very big step for the establishment and stabilization of cryptocurrency to the general public.

[NavI_027]

This kind of approach is hitting two birds with one stone. It prevents the spread of the contagion and it also helps in promoting the use of cashless transaction, thus in turn promotes cryptocurrency which is a very big step for the establishment and stabilization of cryptocurrency to the general public.

Indeed . It's WHO! That is not just a small celebrity or icon who is trying to hype the use of crypto but an international organization. It surely contribute a lot of positive feedback on crypto. For me this is the best form of advertisement we could get at this moment so let's cherish it while it lasts. I am not saying that I want the virus last longer, what I am pointing is I hope crypto will be adopt continuously even if the virus was totally cured. *sigh At least we can still see good things happening despite of the negativity in the first 3 months of 2020. God is good after all.