China has announced that they will be cleaning banknotes. The government announced over the weekend that it will be cutting off fiat transfer across Chinese provinces. It will also be sanitizing the banknotes from high-risk areas. This is a new measure to control the spread of the Coronavirus. With this, Bitcoin’s decentralization, permissionless and digital attributes have come out as vital amidst the new government measures.
Coronavirus Continues To Shake China
China continues to struggle to stop the spread of the Coronavirus. So far, millions have been quarantined in their homes. Unable to work or move freely. And still, it continues to rampage. The government has now announced they will be ‘quarantine’ old banknotes. The government believes that this has been playing a role in the spread of the disease.
The Central Bank’s deputy governor stated;
“Money from key virus-hit areas will be sanitized with ultraviolet rays or heated and locked up for at least 14 days before it is distributed again,”
Once again, the control of money by the government has been proof of why the world needs Bitcoin. First, its decentralization means that the government cannot control its distribution or allocations as it has done now.
Of course with the rise of digital paying platforms and methods, the use of cash has steadily declined. However many are still using cash especially among the old. This continues to allow for the spread of the Coronavirus and by far a lot of other viruses.
All over the world and regardless of the currency, fiat allows for the exchange of all sorts of viruses.
Economy Still Struggling
As the virus continues to spread and affect people’s lives. The situation has continued to crumble the economy. And not just in China. China has dominated the world over the last couple of years especially in terms of goods production. Its depended on by many countries which are also feeling the effect.
This economic stalemate has seen both the Chinese economy and others slow down. Naturally, this means devalued currencies. The crypto community believes that the January rally that has extended to the current long term bullish sentiment, was triggered by investors seeking Bitcoin as a measure against uncertain times ahead.