The Central Bank of China may accelerate plans to issue its digital currency due to the coronavirus epidemy. Lihiu Li, the central bank’s former president, noted that such a course would help the country greatly to boost its dwindling economy.
Lihiu Li is the head of the blockchain at the state-run National Internet Finance Association presently. His assessments stream from his belief that the digital currency system is far more efficient and cost-effective than paper money. It’s also convenient when the government is hard-pressed to spare money.
Furthermore, paper money may boost the virus’s spread while changing hands. That’s why the Chinese government is trying to quarantine the old paper money. They distributed a new 600 billion yuan. China has also restricted movements in those regions where the epidemy rages.
However, not all countries view digital money as a sign of progress. Some governments are concerned that they can’t control cryptocurrency trading, going so far to ban it altogether. Russia is one of those countries. Its Federal Security Service and the Central Bank agreed to outlaw cryptocurrencies as a means of payment. Meanwhile, the crypto market rallies in other countries.
How Major Cryptos Fare on the Market
Bitcoin and Ethereum rose on Friday. BTC stopped at $9,700 after it recovered from fluctuating between $9,500 and $9,600. Ethereum also gained moderately. It reached a weekly low of $245 before beginning to rise.
The crypto was trading at $261 after it climbed up by nearly $4 since the opening value of $257. An intraday high reached $264. However, analysts’ noted that Ethereum might develop bearish momentum due to the volatility levels.
Ripple increased insignificantly after plummeting to $0.26. It wavered between $0.2757 and $00.2711 for a while but couldn’t beat the intraday high at $0.2786. Meanwhile, Ethereum Classic rose by 3.69%, and EOS added 3.03%, with Litecoin increasing by 3.27%.