The world has been seeing tough times with the coronavirus outbreak rocking every aspect of society. Many industries have suffered much, and so has the common man. But one avenue had emerged better than before due to innate qualities that favored its progress. This avenue was the cryptocurrency ecosystem. Many brands, including the industry leader Bitcoin, have seen yearly highs in their trading performances, and high returns have been keeping the investors happy. With such a bright future ahead of its horizon, cryptocurrency has entered the right kind of environment, which could determine its ascension to head the financial world altogether.
Effects of the Pandemic
The main consequence of the global outbreak of this deadly virus in the economic picture is that it has made many nations adopt digital practices when it comes to transactions and investing. This was necessary to develop because of concerns about community spreading of the virus and to conduct social distancing effectively. This has dramatically boosted the virtual economy and the role cryptocurrencies play in it. It has even opened the vital debate of whether Bitcoin is finally allowed to be treated as a legitimate currency instead of denounced by government authorities.
The Government Discussion over the matter
The discussions covered a variety of matters and asked for more cautious regulatory practices. The authorities’ main concern included putting all faith onto big private conglomerates and making the decisions that would affect the transaction of the masses. The authorities also showed definite plans for digital currency with putting forward a prospective policy that would empower altcoins to be brought into mainstream transactions as well as take into account the challenges they might produce to prevent consumer disservice and discomfort.
Aside from the United States, the biggest country paving the path for cryptocurrency through its inclusion in significant government policies in China. The eastern giant had buoyed the hopes and dreams of all altcoins considerably when it included. This is reflected in the fact that the Chinese authorities have included Bitcoin and other virtual financial accessories in inheritance laws, and now Chinese citizens can leave their crypto assets to the next of kin upon an untimely death.
But virtual finance is still riddled by problems such as fluctuation of value and lack of regularity. Cryptocurrency still has a long way to go.