COVID-19 Driving Crypto Incentives and Mainstream Adoption

Crypto evolves at a pace unmatched by any other industry, perfectly aligning with its inception in the digital age. Currently, China is at the forefront of the global digital asset movement. Innovations are accelerating, particularly driven by the development of the digital yuan, also known as DCEP, which has spurred significant advancements in distributed ledger technology.

Rather than getting bogged down by regulatory challenges, the Chinese government has focused on the potential advantages of digital currency. Despite the overwhelming impact of the coronavirus pandemic on society and the economy, technological development in China has not only continued but has accelerated impressively. Notably, major companies such as McDonald’s and Starbucks are among a group of 19 businesses participating in a trial for China’s digital yuan, part of a pilot initiative before a broader roll-out of this new digital currency. With the Chinese central bank digital currency nearing launch, there is a growing global demand for digital cash and fintech applications.