Central Bank Digital Currency Development Gains Notoriety

With the ongoing coronavirus pandemic putting the world under lockdown, digital currency development is accelerating says Deutsche Bank strategist. Laboure’s (Deutsche Bank’s strategist) claims that there is a risk of spreading the virus via cash transactions in a tweet from the 3rd of April, 2020.

Digital currencies that are developed by the central bank are now being seen as an essential in fighting the Coronavirus pandemic.

In the month of February, Cointelegraph reported that the country of China had started a quarantine of its bank notes in order to curb the spread of the virus (click here to read the complete article). This was based on a research published in 2008 by the American Society For Microbiology — “Survival of Influenza Virus on Banknotes” that states that an Influenza virus is able to survive for up to 17 days on a bank note.

Laboure claims that the governments are seeing cash handling as a potential health hazard and this is becoming a reason for the speedy development of Digital currency. These remarks are in contradiction to a research paper released by Deutsche bank in January of 2020, that reported that physical currency would remain in use for a longer period of time regardless of being one of the least preferred transaction methods and seem like they would not be replaced by digital currencies soon.