- The World Health Organization warns the virus can be transmitted to customers via banknotes and coins.
- South Korea and China are burning their notes, or physical bills to stop spreading of the virus.
- Is Crypto the savior?
I guess, every walking person on this planet has heard about the epidemic named as CoronaVirus. Every day we hear new cases of COVID-19 breakout as the deadly virus is spreading its grip all over the world. The outbreak originated in China’s Wuhan and more than 100,000 people have been infected in over 85 countries. According to a recent WHO report, the World Health Organization warns the virus can be transmitted via bank-notes and coins. This means even our Money is not safe in the times of this epidemic.
WHO Warns Against Physical Payments
Bank notes and other physical bills keep on changing hands frequently. Are you sure that the notes which you get in exchange of goods are disinfected and free of COVID-19 virus? No, right? There is no exact method to check that. Even the Bank ATMs are not safe now-a-days.
World Health Organization, on Friday, has issued a warning to avoid physical payments and emphasized on digital payments.
As a result, many countries have started implementing various methods to avoid outbreak of COVID-19 in their region.
Precautionary Measures in the CoronaVirus crisis
South Korea – Immediately after the WHO’s warning, South Korea has implemented the Quarantine policy on its’ physical notes. It means the country will keep their bank notes in a safe for up to 2 weeks as the virus usually dies in 9 days.
China – The Chinese lenders are asked to disinfect their bills and keep them in a safe starting from Feb 15th. Way before, WHO issued the warning.
U.S.A – The Federal Reserve of the USA have started setting aside dollar bills from Asia aside for 7-10 days before recirculating them.
UK – The Bank of England have not issued any strict measures like quarantining. However, they seem to agree with the WHO warning and have asked their people to maintain proper hygiene after handling money.
WHO emphasizes Cashless Payment – Viruses Hate Contactless Payment
Amid the outbreak of this COVID-19, the world health organization says cashless payment is what people should opt. People are welcoming this suggestion with open hands.
One official at the People’s Bank of China reportedly said last month that China would double down on mobile payments to avoid unnecessary human contact.
Although some shoppers could find more comfort in adopting contactless and mobile solutions, Matewele of London Metropolitan University said shoppers must be diligent about keeping phones clean, too.
“It is difficult to know the bacterial load on our hands as we handle our [cash and cards]. I suppose as people move to electronic transactions, the risk is reduced. But we still use our phones [for mobile payments] after touching some surfaces,” said Matewele.
In addition to washing your hands after touching money, other forms of protection include using antibacterial or baby wipes to clean phones and credit cards and carrying your own pen to sign receipts.
“Clearly, as the COVID-19 situation evolves, things we take for granted will be re-examined,” Australian Medical Association president Tony Bartone told The Australian.
He acknowledged the risk of coronavirus spreading via cash, and said cashless technology carried less risk: “Cashless options would potentially reduce the extent of possible transmission.”
Is Crypto the Solution?
Crypto can emerge as a surviving factor in this situation. Although it’s too soon to comment, but Crypto and blockchain if implemented, in all strata of society, can avoid all the above scenarios.