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The Effects of Corona-virus on China’s Digital Currency

The implications that will come as a result of the Corona-virus outbreak in Wuhan City China, are yet to be felt and known in all parts of the globe. Many people globally are still grappling with the big scientific terms being used to describe the break out. This disease has very many implications on our daily life. These implications stretch far and wide, touching on both our health and our economies worldwide. Since the disease was reported there have been very many cases of deaths and the number of infections being reported daily is on the rise. People in all corners of the world are concerned about their well-being due to the breakout What makes the disease a global challenge is that there is no cure that has been established nor is there any vaccine to avoid contracting it. You can easily contact the disease from an infected person or an infected animal and this adds to the worry among many people today. Neutralizing and avoiding future infections from Corona virus is very hectic because of its complex nature and the fact that it is a highly transmittable The epidemic also threatens to cripple the Chinese economy if a solution is not arrived at quickly. This is because the disease has had very many negative implications on the Chinese economy since it came up.

The Chinese government has taken various measures to try and control the spread of the outbreak in the country. These measures include restricting and regulating the movement of people in the affected areas. In order to regulate the migration of people from the affected areas, close downs have been necessary Experts note that the implications that come with closing down business districts and cities are very serious. Given the time that some areas have been on close down the economy of China must be suffering greatly Between that period and now, heavy losses have been experienced in the stock and exchange markets affecting the demand of products like oil because most of the factories are closed down due to the outbreak. As more and more cases continue to be reported in China and outside China, the economic implications in the future can only be negative. China has seen a lot of economic growth in recent times. They even had plans to have their digital currency introduced to the international markets all which will be affected by the outbreak. The Chinese dream in the past decade has been to go digital with the Yuan in the international markets. This has been seen as the best solution for the dollar dominance problem

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