Can’t Catch Coronavirus From Cryptocurrency
The coronavirus pandemic has revealed that the world needs accessible digital currencies more than ever before — and it’s not just for hygiene reasons.
Sarah Okello wipes her brow with a well worn and filthy rag. Okello is no stranger to hardship. Born to an unwed mother and growing up impoverished in the outskirts of Uganda’s capital Kampala, her husband recently lost his job as a truck driver thanks to the coronavirus which has forced lockdowns in much of the African continent.
But despite her resilience, the coronavirus pandemic that is now slowly but surely sweeping across much of Africa, has created an entirely different dimension of suffering. According to Okello,
“At least I could still rely on my eldest daughter who works in Cape Town, she used to send money, even that has stopped.”
As the coronavirus pandemic has spread across Africa, money flows have gone off a cliff.
According to one payments company, transfers from the United Kingdom to east Africa are estimated to have dropped by as much as 80%, while another estimates that flows from Italy to the continent have been cut by as much as 90%.
