Coronavirus affects Crypto: CBDC is delayed and Coinbase has an emergency plan

For several weeks now, the corona virus has been exciting the world. The consequences of the virus can now be felt in the crypto world. The development of the Chinese CBDC (short for Central Bank Digital Currency, a central bank cryptocurrency) is delayed. In addition, the crypto exchange Coinbase has developed an emergency plan because of the epidemic.

 

Corona virus has a firm grip on China

The virus broke out in Wuhan in December 2019. Around 78,000 Chinese are now infected with the disease. The majority of those affected are in the Hubei province. However, the corona virus has consequences for the entire Chinese economy. Cities with millions of inhabitants have been cordoned off for safety’s sake and hardly a human soul can be found on the street.

This also means that the work has to be put down in many places and that production steps cannot proceed as usual.The virus now appears to have consequences for the release of the Chinese CBDC. This is from an article in the Chinese newspaper Global Times. The digital currency is not expected to be introduced until the end of this year.

“The outbreak of the corona virus has delayed the resumption of work in government institutions, including the People’s Bank of China (PBC). Policy makers and research workers involved in the project are no exception. ”

 

Crypto exchange Coinbase has an emergency plan

Measures are also taken on the crypto market to protect employees. Coinbase has developed a contingency plan for employees working in multiple locations around the world.If there are 100 people infected or more in the vicinity of a Coinbase office, most workers will be asked to work at home.

The office building should then be cleaned more often and protective masks distributed. If there are more than 5,000 infections in the vicinity of a Coinbase office, all employees have to work from home. However, the company does not panic:

“We continue to believe that the risk of the COVID 2019 coronavirus is low for most of our employees. Maybe our team in Japan is at low risk.”