The coronavirus has wreaked havoc on the world’s economy, with stock markets and commodities all dropping in an almost unprecedented manner, says being crypto.com. The Dow lost over 2,000 points in a single day, while the S&P 500, traditionally very strong, dropped 7.6%. Oil prices have tanked as well after a disagreement related to products occurred between OPEC and Russia. This snowballed into further market turmoil.
Hungary’s central bank, the Hungarian National Bank, has taken the precautionary measure of quarantining and cleaning its cash, following the declaration of a state of emergency. The country’s authorities have already banned inbound travel and public gatherings. The Government will take billions in cash aside and store them in containers for two weeks, the survival period of the virus.
With the World Health Organisation (WHO) now declaring the Coronavirus a pandemic, the flaws in the traditional monetary systems are beginning to show. Hungary has now decided to quarantine and sanitise banknotes, just as China did when it was suffering during the peak of its outbreak. The virus has shown that digital currencies, while still maturing as a technology, can be a good alternative in a world and economy that is suffering.
The spread of the virus via banknotes was noted when it was at its peak in China. The Chinese Government decided to quarantine banknotes and keep them set aside for up to 14 days before returning them to the public. South Korea has also quarantined cash.
Experts from the World Health Organisation (WHO) say that the virus most likely can survive on paper for four to five days, and can survive on certain plastics for up to 9 days.
While this is only a precautionary measure, it shows the extent to which governments are taking action to prevent disruption in their respective countries. The virus has greatly affected both personal and professional lives, laying waste to several industries.