The use of Bitcoin and other digital currencies has played a big role in the economic recession caused by Coronavirus. A lot of people, businesses and companies have stored their wealth in cryptocurrency in fear of inflation caused by the financial crisis due to the pandemic.
The COVID-19 pandemic has changed the world a lot. The lockdown affected most global industries, having caused one of the biggest crises for the past decades. However, world financial experts predict the situation can become even worse and lead to the complete death of the US dollar.
The COVID-19 pandemic and global economic crisis triggered the increase in illegal activity related to cryptocurrency. However, law enforcers also keep themselves busy to fight the growth and put as many criminals behind bars as possible.
The beginning of this year has been extremely difficult for the population of our planet. During the January of 2020 the planet was hit with the COVID-19 Pandemic which immobilized almost every industry in the world.
While countries are busy dealing with the coronavirus pandemic, they are targeted by hackers wishing to benefit from the crisis. Now, criminals aim at the vital and the most vulnerable industry as of now - healthcare.
Due to the coronavirus pandemic, Egyptians started withdrawing cash from their bank accounts massively. This forced banks to limit cash withdrawal and deposits as otherwise, it might cause a crisis and default.
Recently, the US Democrats in the house of Representatives proposed two bills both leading to the creation of a digital version of the USD. The Dems say the bill is meant to empower personal income during the raging COVID-19 Crisis.
Correspondence of interest rate cuts by the US Federal Reserve to respond to the recession crisis caused by the global spread of new coronavirus (COVID-19) is growing, and interest in the cryptocurrency market is increasing.
Many countries in the world have been going through economic turmoil in terms of high inflation and declining currency values. Some have even opted to print out more money to solve the economic crisis which in turn worsened the situation - currency devaluation. But the most opted plan was cryptocurrency, which seems to have yielded positive results to most governments.