covid-19 - Pwim.Net

The Birth of the Coronavirus-Backed CoronaCoin Amid Quarantining Banknotes in China

The novel coronavirus, also known as COVID-19 has spread to at least 25 other countries and caused 5 deaths outside of mainland China. Restrictions in Hubei, of the epicenter province of the outbreak, have been imposed further on its citizens. In Wuhan, the city where the coronavirus originated, has been banning its citizens from leaving their homes.

The World Health Organization announced that the future path of the epidemic is “impossible to predict.”

China has also started disinfecting and isolating used banknotes, aiming to stop the spread of the coronavirus. By using ultraviolet light and high temperatures to disinfect bills, banknotes are sealed and stored for around 14 days before recirculating them to the public. The nation’s central bank made an emergency issuance of the four-billion-yuan worth of new bills for the province of Hubei prior to the Lunar New Year holiday.

The birth of a CoronaCoin

Amid the climbing death toll in China due to the coronavirus, the cryptocurrency community has seen the emergence of a new coin–a coronavirus-backed token.

Published first on Reddit, the primary purpose of the token is to spread awareness of the health issue across the board. The CoronaCoin (NCOV), will be an ERC-20 token, and the total supply of the token is based on the world population. With one NCOV token per each person alive globally (7,604,953,650), the token is burnt every 48 hours, according to the number of infections and casualties from the virus.

Controversy over the CoronaCoin

The cryptocurrency community on Reddit also commented on the creation of the token. The community has skewed toward the end of the skeptical spectrum regarding the features of the coin, as the post indicates that investors would be able to benefit from the spread of the virus. A user on Reddit called the token a “shitcoin,” and deducted that “it must be a bull market” as this token made an appearance. Another user had the opinion that the token would “do the opposite” of incentivizing people to spread the disease for the token to gain value.

The token’s website states that a portion of the funds will be donated to Red Cross for “nCov relief,” however, it does not state the precise portion. The crypto community also suggested that Bitcoin would remove the need to quarantine cash.

Red Cross: The issues with donations and how blockchain can help

There has been concern that the millions of dollars being donated for the public, as well as the protective equipment, are not being put to use where needed, and it has been reported that the equipment has been misdirected.

Beijing has ordered all public donations for the coronavirus outbreak to be funneled to five government-backed charity organizations, which automatically assumes that these government-backed charities are all fit for purpose, and would be able to manage in a centralized manner of the recent outbreak.

Blockchain.News previously reported that the Red Cross in China has previously mishandled billions of dollars donated for the Wenchuan earthquake in Sichuan province in Western China in 2008. The Red Cross in China reflected, “One of the lessons learned was that emergency response must be better developed at the local level.”

According to Syren Johnstone, the Executive Director of the Master of Law (Compliance and Regulation) Program at the University of Hong Kong, a private blockchain network would “enable the recording and tracking of anything that is donated, from donation dollars to N95 masks.” By holding the person or organization accountable, donations for delivery could be tracked from the donor all the way to its final-use. Blockchain would also enable transparency for the general public to understand how their donations have been used and its progress. While a private blockchain is strictly controlled, it can also allow for public transparency for donors and donees, as well as authorities.

WeChat Pay and Alipay May Have Helped China to Track Coronavirus Victims Through Digital Payments

With the novel coronavirus infecting more than 75,000 people around the world, and with the majority of the Chinese population in the Hubei province infected, authorities in the nation decided to track everyone who bought fever medicine in the province.

Provincial officials have taken measures to grasp tighter measures to better control the outbreak, as the situation has not shown signs of slowing down. Officials reported that they have tracked offline and online purchases of fever medicine to be able to provide relief efforts, as fever is one of the symptoms most patients with the virus display.

The officials also mentioned that comprehensive investigations have been conducted,on citizens who have reported fever symptoms at medical institutions, and those who have purchased medicine through physical pharmacies or online. Information including the time, date, name, citizenship number, address, phone number of the citizen has been recorded.

China’s CBDC vs. Alipay & WeChat Pay

Alipay and WeChat Pay, the country’s most used mobile payment systems, have been suggested to provide the information collected from the citizens. The Alipay ewallet, owned by Alibaba Holdings, and WeChat, owned by Tencent, has close ties to the Chinese government. Mobile payments in China reached over $41 trillion annually, with over 92 percent of mobile payments made via Alipay and WeChat Pay.

China has been progressing with the development of its central bank digital currency (CBDC), its digital currency electronic payment (DCEP). It has been revealed that the digital payment system is to replace M0 supply, which are the notes and coins in circulation, and is aimed at the retail market.

Mu Changchun, the Director-General of the Institute of Digital Currency of the People’s Bank of China previously made a comment that the DCEP would “provide redundancy” to China’s “advanced electronic payment platforms” including payment duopoly WeChat Pay and Alipay.

However, confidential information of Chinese citizens making purchases online and in-person has been provided to the Chinese authorities, raising the question of the necessity of its CBDC from the perspective of financial monitoring.

What Can We Learn From Coinbase CEO Brian Armstrong's Coronavirus Outbreak Contingency Plan for Employees?

The coronavirus has dominated mainstream media coverage as countries outside of China has been seeing an increase of cases as the death toll reaches 2,700 worldwide.

Coronavirus cases in South Korea have reached 1,140, while the recent outbreak in Italy has caused more than 320 infections and 90 cases in Iran. The World Health Organization officials and US experts believe it is still too early to declare the novel coronavirus, known as COVID-19 as a pandemic.

US health officials from the Centers for Disease Control and Prevention stated that the coronavirus “is not recognized to be spreading in US communities.” Officials added that if the local transmissions are identified in the US, the US response strategy will “enhance implementation of actions to slow spread in communities.”

Hope for the best, prepare for the worst

US crypto trading firm Coinbase has been reportedly “planning for a really negative outcome” although the firm has kept an optimistic outlook.

Brian Armstrong, CEO of Coinbase published a shared document stating, “Our expectation is that the measured mortality rate (once low-severity cases are included in the overall count) will fall significantly and that we’ll see limited transmission in the west, where there will be fewer high-density multi-generational housing situations.”

Coinbase has offices in the US, Japan, UK, and Ireland, and the firm is taking measures to ensure safety for three phases of the disease, from phase one, consisting of more than 100 cases of the coronavirus to phase three, more than 5000 infections. Currently, all of the firm’s offices are in tier 0, Japan is in tier 1. Tier 0 also includes improved sanitation measures in the office.

Daily number of newly confirmed cases reported in Japan since January 10, 2020. Source: CHP Hong Kong

In cases where there are 100 or more infected people in the commuting radius of the Coinbase office, the firm will request some employees to work from home, while offering mask disposal bins and boost cleaning schedules for those in the office.

Phase two is when there are more than 1000 cases are within the commute range of the Coinbase office, with a mortality rate of 1% or above. If the situation leads to phase three, all employees will be required to work from home.

“We continue to believe the risk of COVID-2019 coronavirus to most employees is low, with a slightly elevated risk to our team in Japan,” said Coinbase. The firm has made restrictions on travel to China, Hong Kong, Japan, Italy, and South Korea.

Hong Kong blockchain events cancelled

The Hong Kong Blockchain Week 2020, hosted by NexChange Group and supported by Cyberport, which was initially scheduled for March 2-6, has been postponed due to security and safety concerns regarding the outbreak of the coronavirus.

Token2049, and StartmeupHK Festival 2020 have also been postponed to a later date, citing coronavirus developments creating uncertainty.

Hong Kong blockchain remittance startup Bitspark closure mildly due to coronavirus

Bitspark, a blockchain remittance startup based in Hong Kong, recently announced its closure, stating reasons due to internal restructuring issues, as well as the coronavirus outbreak and protests that led to the current deterioration of Asia’s financial hub.

How Blockchain Can Help with Vaccine Development Amid Coronavirus Pandemic

Today, irrespective of which country we are in, all of us are reeling under a new reality that has set in. A reality where each one of us has to fight an outbreak which recently has been deemed a pandemic by the World Health Organization (WHO). Novel coronavirus or COVID-19 is an infectious disease caused by a new virus first discovered in Wuhan, China, in December 2019. Since its initial outbreak, this virus has spread to more than 100 countries across the globe, and has affected many thousands of people, claiming lives of roughly 3 – 4% of those affected.

At the time of crisis such as this, technologies like AI, Machine Learning, Blockchain can be leveraged to assist the combat process. Technology companies are coming up with blockchain solutions for tracking virus spread, donations, insurance claims, medical supplies among others to combat coronavirus.

The need of the hour is a potent vaccine which regrettably at this time is not available. Researchers, biotech and pharmaceutical firms are racing against time to create the vaccine for this virus, as well as develop potential treatments for COVID-19. Generally, it takes years before a vaccine reaches mass production from its exploratory phase. Vaccine development crosses various stages starting from exploration to pre-clinical stage, clinical development, regulatory approval to production and distribution with continuous quality control & monitoring. However, at times when such pandemic is staring at the face, the utmost need would be to develop a formidable vaccine, distribute to the larger populace, cull this epidemic and immunize people from such infections at the earliest. This needs to be done in a short span of time, yet following rigorous regulatory procedures and in a trustworthy manner. How can technologies like Blockchain help in such an accelerated vaccine development process?

Exploratory phase

This is a research-intensive phase where antigen, a substance used to induce an immune response in the body is identified. Scientists usually isolate the virus to identify their genome sequence which is then used by biotech firms as a starting point to identify antigens. With hundreds of sequences being identified from scientists all over the world, Blockchain can serve as a collaboration mechanism for sharing timestamped, tamper-proof evidence of the genetic material which can be used to trace each sequence to its source when required.

Pre-clinical phase

This is the phase where the vaccine concept, a candidate vaccine is developed and efficacy of it is evaluated in test tubes and animals. Test results if available on Blockchain emphasize authenticity and provides a single shared source of truth for anyone in the world considering their next steps based on the vaccine efficacy. With Blockchain, multiple biotech and pharmaceutical firms, small or large, can collaborate and share their findings with each other without the fear of losing their IP rights or their competitive advantage, thereby working together towards getting the vaccine into the mainstream faster.

Clinical development phase

This is the phase where vaccines are tested on humans in multiple stages after the proposal to do so is approved by FDA or similar agencies. This is a crucial phase as the response of the human body, the adverse effects need to be recorded with due diligence and studied before the vaccine is approved for wider adoption. Clinical development is built on rigorous ethical principles which include informed consent from volunteers, with an emphasis on vaccine safety as well as its efficacy. Consent from the volunteers, if recorded on Blockchain in a pseudonymous manner without any personally identifiable information being disclosed respects their privacy and would encourage more people to join the process, people who had earlier hesitated because of privacy concerns. Blockchain can also be used to ensure the ethical enrollment of volunteers without any coercion.

The efficacy and the side effects of the vaccine tested among a large group of people can be tracked at each stage of clinical trials on Blockchain which serves as a potent proof for FDA & other agencies for approving or rejecting the license for the drug.

Regulatory review & approval phase

FDA can be a participant of the network of biotech firms, pharmaceutical companies, actively monitoring the clinical trials and use this information in the approval process.

Mass Production & Distribution phase

Recording the manufacturing process on immutable ledger such as Blockchain will ensure faster standards verification as there are less paperwork and no siloed information. Facilities can collaborate with each other to streamline manufacturing and distribution processes. Tracking the shipment of these drugs and recording the process on Blockchain will help tackle the counterfeits problem.

Quality Control phase

Various healthcare professionals and service providers accessing this vaccine can use Blockchain to record the performance and effectiveness of the vaccine which can be used by multiple stakeholders in this ecosystem to get a first-hand, real-time view of vaccine efficacy.

At these unforeseen difficult times, it is necessary for everyone to contribute in any capacity to combat this pandemic. Technological advances of today are quite capable of being utilized in accelerating the defense. Blockchain might not be the solution to all the problems of the world but can be thoughtfully leveraged to alleviate some.

Image via Pixabay

Italian Bank Offers Crypto Trading to Over A Million Customers Amid Coronavirus Pandemic

One of the worst-hit countries on the entire planet due to the Coronavirus outbreak is currently considered to be Italy. Despite Italy’s lockdown over the last 8-10 days, the spirit of its citizens appears to remain high which can be seen in many viral videos on YouTube.

In our previous article, we reported on how coronavirus has had a negative impact on the crypto market. However, the charts are now showing upward movements with many external factors coming into effect. One such factor was the launch of €750 Billion Pandemic Emergency Purchase Programme (PEPP) by the ECB (European Central Bank) which eventually resulted in a surge in the price of Bitcoin to nearly 26% from $5200 to $6600 in a matter of 24-hours.

The Italian Bank, Banca Sella has now announced that it is going to launch Bitcoin trading services for its current mobile banking customers. Via the bank’s HYPE mobile banking platform, 1.2 million customers will be offered Bitcoin trading services where they can buy and sell Bitcoins with full control over their funds and without any of the interference of an exchange.

“The service is currently in beta test on a small group of HYPE Plus customers. A few more days and it will be available to all customers”, Hype Support Center.

One of the reasons which prompted the bank to introduce such a feature was due to the operational issues which they were facing amidst the Coronavirus outbreak and the lockdown period restricting the bank employees to go out in banks and validate transactions.

However, the bank has put a cap to its users where the ‘Basic’ Hype Start users will be able to buy and sell maximum Bitcoins worth $2700 every year. While the ‘Premium’ and ‘Plus’ Hype users will be able to buy and sell maximum Bitcoins worth $54,000 every year.

Banca Sella is an Italian private bank that is controlled by Sella Group, one of the largest groups in Piedmont.

Image via Shutterstock

Blockchain Monitor Launched to Track Coronavirus-Free Safe Zones to Protect the Non-Infected Community During Pandemic

The coronavirus pandemic has currently reached countless countries and territories all over the world and has caused over 220,000 infections in the world population. With the global death rate climbing and almost reaching 9,000, the World Health Organization declared it as a pandemic on March 11.

Many countries have encouraged employers to adopt a work-from-home system, while schools have been closed in many cities in hopes of curbing the spread of the coronavirus. Many countries have also closed their borders and implemented travel restrictions and alerts to slow down the rate of the spread.

With the alarming rate of new cases, technological advancements have been emerging to help governments to detect new and record new cases. Chinese President Xi Jinping previously suggested that the fight against the new virus has highlighted the need for a better governance mechanism, suggesting blockchain technology should be integrated into the existing system to gain better insights into social circumstances.

The Public Health Blockchain Consortium (PHBC) has announced the launch of a monitoring blockchain aimed to verify communities and workplaces that are free from the coronavirus COVID-19, as well as other high-risk viruses, bacteria, and fungi. The Consortium consists of health authorities, universities, healthcare providers, and innovators who aim to collect and store anonymous health data on the blockchain, to improve the lives of people in the world. The blockchain monitor would help identify safe zones where there have been no confirmed cases of the coronavirus.

Data would be stored and updated in real-time using blockchain, and the information will be received from surveillance providers who use a combination of technologies including artificial intelligence (AI) and geographical information systems.

Ayon Hazra, the CEO of Qlikchain, administrator for the PHBC explained, “Communities and workplaces can maintain such safe zone status if they restrict access to anonymously identified persons and only allow movement to and from other safe zones. This method enables communities and workplaces to effectively protect uninfected persons.”

The method suggests an incentive for communities and workplaces to restrict access and conduct proper testing to keep its status as a safe zone. Hazra mentioned that the individuals and communities from the safe zones would be able to restrict their movement safely according to the information provided by the blockchain monitor.

The blockchain monitor also tracks the protection certificates offered by the regulatory authorities to workplaces and communities, detecting of an individual in the safe zone who has possibly been in one of the infected areas, a quarantine requirement will be alerted.

With the PHBC virus-free monitoring blockchain being introduced to public health officials in Geneva on February 10, 2020, the impact of the technology will be presented after a year at the PHBC’s 2021 conference.

Baidu Trends: Bitcoin Searches Skyrocket Amid Social Distancing and Working From Home Approaches

As the world grapples with the menace of coronavirus (Covid-19), amicable practices have been necessitated as tough times call for tough measures. According to Baidu, a Chinese multinational technology company offering internet-related services, Bitcoin searches have shot up by 183% in the last month. This trend can be linked to the fact that many countries have asked their citizens to adhere to precautionary approaches, such as self-quarantining, social distancing, working from home, necessitated when tackling coronavirus.

Google shows similar tendencies

According to Worldometer, a real-time world statistics provider, the number of reported coronavirus cases has surpassed 345,000, and deaths have clocked nearly 15,000. Therefore, showing the way this infectious disease has wreaked havoc across the globe.

Many people have resulted in working from home so that daily activities do not grid to a near standstill as this pandemic has already caused economic turmoil as depicted by the nosediving of the stocks market. For instance, Dow Futures declined by more than 600 points, and S&P futures devalued by nearly 3.3%.

The data index availed by Baidu shows the skyrocketing of Bitcoin searches because people are interested to know its value if the economic crisis being witnessed deepens. Information also availed depicts the escalation of cryptocurrency searches on mobile devices.

Bitcoin searches on Google illustrated a similar trend as those on Baidu. For instance, worldwide trends reached an all-time high on March 13 in the last 30 days. Moreover, March searches exceed those of February as more stringent measures are being adopted to address coronavirus.

Leveraging on Bitcoin

Having recorded more than 5000 deaths, Italy is considered to be one of the hardest-hit nations by the coronavirus. Nevertheless, Banca Sella, an Italian Bank, recently decided to offer Bitcoin trading services to its 1.2 million mobile banking customers with the absence of a crypto exchange as an intermediary.

Banca Sella, therefore, seeks to offer its Italian customers with Bitcoin investment options despite the prevailing pandemic. The Baidu and Google searches show the growing interest in Bitcoin amid a worldwide economic meltdown and the coronavirus epidemic.

US Democrats Propose Distributing Covid-19 Stimulus Payments Through Digital Dollars to Unbanked Citizens

As markets across the globe continue to feel the crunch of economic disruption caused by the coronavirus pandemic, debate has raged over a massive stimulus package being proposed in the US which could see the IRS send up to $2000 a month to all US citizens until the recession takes a turn for the better.According to a draft of the Covid-19 economic stimulus legislation, House Democrats are proposing the use of digital dollars and digital wallets to expedite the distribution of the emergency funds to unbanked citizens.

Digital Stimulus Payments for Families

In section 101 of the draft entitled ‘Direct Stimulus Payments For Families’, the draft which has been circulating since March 23, specifically calls for the creation of digital wallets for all American citizens which are to be maintained by the Federal Reserve.

The paper defines the term Digital Dollar as, “(A) a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any Federal Reserve Banks or (B) an electronic unit of value, redeemable by an eligible financial institution.”

The section outlines that every adult in the US earning less than $75,000 a year would receive the $2000 per month stimulus payment, with the payments becoming less and less as the market rebalances.

This latest draft of the bill comes from the office of House Speaker, Nancy Pelosi (D-CA) orginating on March 22, according to Bloomberg.

The Democrat version of the bill has enormous financial implications for the US, is over a thousand pages long and aims at distributing upwards of $1.8 trillion. The Republican version of the bill was immediately blocked when it made its appearance in Congress on both occasions (March 22 and 23) and was criticized for being too focused on helping big business.

Economic Countermeasures

Almost as concerning as the global economies downturn, is the projected inflation aftermath of the stimulus packages and counter measures being imposed by the Central banks and governments that have been fast to respond to the disruption caused by the Coronavirus.

Recent analysis by Bitmex highlighted, “In the US the Federal reserve has lowered interest rates to near zero (0% to 0.25%), announced the purchase of at least $500bn of treasuries and $200bn of mortgage backed securities, and also reduced the commercial bank reserve requirement to absolute zero.”Bitmex believes that there are further measure to come, but it is clear that these attempts to restabalize the broken system are, “the last major throw of the dice from central bankers. Monetary policy will not be enough.”

The Fed and the Infinite Money Pool

As reported by Blockchain.News, in an interview given to CBS’s 60 Minutes on March 22, Neel Kashkari, the President of Federal Reserve Bank of Minneapolis made a controversial remark after being asked to comment on how the state would deal with it if a situation like the 2008 financial crisis came again due the Coronavirus outbreak.

On being asked whether the Federal Reserve Bank is equipped to provide money to the US banks if they needed to satisfy all incoming panic withdrawals, Mr. Neel Kashkari was quick to respond that this is the reason why Federal Reserve Bank exists.

“Yes. This is the fundamental reason the Federal Reserve exists.”, said Mr. Neel Kashkari. He further added, “If everybody gets scared at the same time and they demand their money back, that’s why the Federal Reserve is here, is to make sure that there’s liquidity and that there’s money to meet those demands.”

Mr. Neel Kashkari further clarified his controversial statement by saying ‘that’s what Congress has told us to do’. He stated that they have been given the authority to print money and provide liquidity in the financial system by first creating it electronically and then printing it with the Treasury Department.

After the interview went live on the internet it received a wave of public criticism, one of the voice was the CEO of Cardano, Charles Hoskinson. He went on to tweet that the comments made by Neel Kashkari gave the US Dollar a real OneCoin Ponzi scam vibe. These sentiments were reiterated by CZ of Binance and Anthony Pompliano, co-founder of Morgan Creek Digital who tweeted, “History tells us that this is not sustainable long-term for a currency.”

Nations Around the World Urged to Learn From China in Fighting Coronavirus Using Blockchain

As the number of people contracting coronavirus (COVID-19) continues to rise at an alarming rate has clocked more than 900,000 cases, governments are being pushed to the wall to tackle this pandemic. As reported by the Global Times on April 1, different stakeholders are urging other nations to embrace China’s effective model in fighting this pandemic by deploying blockchain technology.

China’s blockchain-powered solutions

China has been at the forefront of using blockchain technology when tackling COVID-19. For instance, it has been using this technological innovation in tracking down the spread of this disease, handling charitable donations, and storing medical records.

As reported by Blockchain.News on Feb.18, Shanzong, a blockchain-powered donation tracking platform, was established in China to enhance the transparency and efficiency of giving. Shanzong is among the more than 26 blockchain-enabled prevention applications that had been initiated in this nation by the end of February. They were widespread in areas, such as corporate financial services, epidemic prevention, material management, and charitable donation management.

Notably, the Chinese government has been spearheading the establishment of blockchain-based solutions when it comes to sharing and gathering relevant information pertaining to COVID-19. Additionally, it has been encouraging enterprises to participate.

Governments in other nations, especially local ones, are being asked to step in and heed the call of utilizing blockchain technology in tackling coronavirus as they rarely participate in such projects. They are being asked to follow in the footsteps of many Chinese local authorities, which have been at the frontline in the establishment of blockchain-enabled anti-pandemic platforms. For example, the Nansha district in Guangdong Province set up an epidemic control and prevention system pegged on blockchain technology in February.

China’s diminishing number of confirmed infected cases

To lessen the number of people onsite, Beijing-based Market Supervision and Administration Bureau deployed blockchain technology to prompt digital transformation. Some of its functions include regulating food safety.

Blockchain has been instrumental in reducing the number of daily infections in China.

Source: Worldometer

Recently, Chinese President Xi Jinping emphasized the importance of using blockchain and artificial intelligence in epidemic prevention.

Image via Shutterstock

Venezuelan President Nicolas Maduro Leverages Coronavirus Pandemic for National Petro Adoption

Venezuela’s president, Nicolas Maduro has announced a new campaign aiming to help the medical staff in his nation by airdropping one Petro to each actively working doctor amid the coronavirus pandemic.

The Venezuelan government is determined to take the coronavirus pandemic as an opportunity to boost the adoption of its national cryptocurrency in the country. The government announced this new campaign through its social media accounts, as a token of appreciation of efforts of the nation’s doctors to combat COVID-19.

The Patria System, introduced by the government, will be used to distribute the special bonus of a Petro for the “Doctors of the Motherland.” The platform was created to support the socio-economic conditions of the population and distribute subsidies and bonuses with its cryptographic token without going through the traditional banking system.

As a part of the measures to keep Venezuelan citizens safe, Maduro previously approved benefits for citizens who were unable to work due to self-isolation.

Venezuela crisis

According to an economist for the American Institute for Economic Research, Venezuela’s Petro could help stimulate the country’s economy. William Luther, the director of the Sound Money Project of the American Institute for Economic Research believes that while it might marginally improve the country’s economy, there may be consequences of strengthening an authoritarian regime.

Venezuelan hospitals have been reportedly ill-equipped to cope with the coronavirus pandemic. At the Caracas University Hospital, soap and disinfectants have been described as “luxuries,” and the facility has been facing shortages of personal protective equipment, signaling that Maduro could have supported Venezuelan hospitals directly, rather than boosting the adoption of its crypto system.

Image via Shutterstock