Good for Bitcoin: Accelerated Covid-19 pandemic, the end of the cash usage?

The COVID-19 pandemic to cause the end of the cash usage and the introduction of digital banking services, including the Central Bank cryptography, accelerate. This is the view of Edwin Bautista, CEO of the Union Bank.

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Conversion to digital technology – the right approach in the midst of a pandemic

In an Interview with Euromoney, the head of the Union Bank, the ninth-largest Bank in the Philippines said that this could be the beginning of the end of the “hard money” – at least for the Philippines, a country whose measures for the people living on more than 2,000 Islands, present a challenge.
This is also for the Central Bank of the country difficult, the need to improve their ability to supply banknotes of the Islands of distributed banks and ATMs. The most sensible Option is to rely on the digitization of the financial system, until the people can use digital money for everyday needs.
Bautista is confident that the banks will ultimately be forced to test digital cash, and perhaps even crypto-currencies like Bitcoin and spend.
He says:

“A Key insight is that the traditional cash-delivery chain is the more uncertain, the longer the interruption lasts. Therefore, I expect that the banks will be open for Testing, the development and use of digital cash and currencies, QR Codes, and perhaps even crypto-currencies and digital the value of brands.“

Bautista referred to himself as proud of the fact that the Union Bank is already one of the most digitally advanced banks in the Region.
The Bank has introduced several external control systems for your digital System, and all employees encouraged to work from home. So currently, 95% of all the Bank’s branches are open, although 75% of the staff work remotely.
In the past month, the Union opened 7,000 new, fully digital accounts, while 20,000 customers have downloaded over the course of the month, the digital App. Last week, the members of the management Board of the company held their first all-digital session.
What concerns the Filipino consumer, so many turned from you given the current conditions of the Online Banking.

Central banks could accelerate the introduction of crypto-currencies

The concern about the use of cash has increased, and, although it is not clear whether it represents a real risk. In Singapore, as the Central Bank and main financial regulator acting “Monetary Authority of Singapore” (MAS) to encourage the Public, Online and contactless payments, such as Bitcoin and wash after touching cash the hands.
Ultimately, the Central banks could change in the world on Blockchain-based currencies, or cryptography. So several major Central banks have already formed a group to test cryptographic assets of Central banks (CBDCs).

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