The Bank of International Settlements (BIS) has issued a report arguing in favor of central bank digital currencies (CBDCs) and digital payments amid the COVID-19 pandemic. The bulletin published by the BIS, a 600-member international financial institution representing the central banks of 60 countries, urges central banks to consider developing CBDCs in light of concerns regarding the spread of coronavirus through existing payment methods. BIS warns of COVID-19 transmission via credit card terminals The report notes a significant negative change in consumer attitudes regarding the use of cash in response to the World Health Organization’s (WHO) warning regarding the spread …

Microsoft has acknowledged that the quarantined gamers are putting a strain on its Azure cloud platform which is a backbone of the company’s Blockchain As a Service (BaaS) offering. In the SEC filing, Microsoft addresses the impact of “the global health pandemic” on its Azure cloud services. The company admits that in certain regions “deployments for some compute resource types (...) drop below our typical 99.99 percent success rates”. Furthermore, Microsoft confirms that “Xbox Live [is] putting a strain on overall Azure capacity:” “As a result of the surge in use over the last week, we have experienced significant demand …

The recent coronavirus outbreak has far-reaching consequences beyond the spread of the disease and efforts to quarantine it. Recently, we’ve experienced one of the most severe stock market crashes in modern times: On March 9, 2020, the Dow Jones Industrial Average recorded a drop of -7.8%, which happened to be its worst single-day loss ever. However, on Thursday, March 12, 2020, the Dow then recorded the fifth-largest drop in modern history based on percentage points by a staggering amount of almost 10%. Unfortunately, the losses did not stop there. Four days later, on March 16, the Dow hit a new …

Bitcoin seems to be settling happily above $6,000 and is currently just north of $6,500 again. Let’s hope we’ve seen the last of those $5,000 movements and we’re ready for a steady climb back to double figures before the halving in mid-May. It’s getting closer. In the meantime, the Federal Reserve now appears to have merged into the federal government. An opinion piece in Bloomberg has described how an alphabet soup of financial programs intended to help the economy through the current crisis is allowing the government to buy up securities through the Fed. The result could allow the government …

Experts suggest that blockchain technology could have been a better solution for handling coronavirus-related data in Russia. Moscow’s COVID-19 App is pulled from Google Play On March 25, an app called “Social monitoring” appeared in Google Play store. According to the app’s description, it was designed for social monitoring as well as for providing access to emergency services. Users soon noticed that the app required many sensitive permissions, including geolocation, bluetooth pairing, biometric data, and calls. Notably, the data was also being openly transmitted without encryption. The backlash against the app led to a 1-star rating on Google Play by …

With each passing day, new data regarding the coronavirus pandemic is being brought to the public’s attention. From the number of cases in various regions to ever-changing safety procedures like wearing masks in public, COVID-19 data is clearly present, yet remains inconsistent. While a lack of accurate information may be frustrating on a personal level, ever-changing data is taking a toll on the health officials and researchers working effortlessly to help subdue the coronavirus crisis. To combat the issue, the San Francisco-based blockchain security company Hacera launched a data analytics platform in February to combat inaccurate COVID-19 data. Hacrera’s founder, …

This week the price of Bitcoin (BTC) surged more than 15%, reaching a high at $7,200 before pulling back into the $6,800 range. Despite the recovery, Bitcoin still has a way to go in order to reach the $8,000 level seen before the coronavirus-triggered selloff on March 12. Cryptocurrency market performance. Source: Coin360 The drop had several consequences on the Bitcoin network. Having reached the $3,800 price range, the accentuated drop forced some Bitcoin miners to throw in the towel and shut down their operations due to mining becoming unprofitable. As miners have hosting and electricity fees to keep up …

As the world sits in flux between coronavirus and financial market concerns, AAX crypto exchange CEO, Thor Chan, thinks cryptocurrencies will ultimately make out ok. “During a period of intense panic, many investors fled the markets in search of cash, or to defend their positions elsewhere,” Chan told The Merkle in a March 30 interview, referencing recent plunging crypto and mainstream markets. “Cryptocurrency markets suffered together with all other markets,” he continued, adding: “But over the coming weeks and months, as governments cut interest rates, I think we will see the crypto markets surging.” All markets have fallen during the …

Famed altcoin advocate John McAfee has put up a $500 reward in the Ethereum-based stablecoin DAI for the best original photo taken in the midst of the coronavirus lockdown. The sea-bound computer programmer asked for pictures of vacant highways and cities from people who are still able to leave their homes for essential supplies and activities. McAfee tweeted: “Those able to leave your homes during quarantine ... (to buy food or get medical care, etc.) ... Take photos of interesting aspects of your vacant cities, highways, etc. $500 in DAI crypto paid for the best photo (Chosen by @theemrsmcafee next …

The South African National Blockchain Alliance carried out an online livestream launch while the country is in the midst of a 21-day lockdown to curb the spread of the coronavirus pandemic. The organization was due to be launched at the beginning of April in Johannesburg but had to be taken online as South Africa and the world tackles a global health crisis. The launch happened during a livestream on YouTube on April 3, which included a panel of speakers elaborating on how SANBA will help nurture blockchain-focused startups and companies that are developing capabilities using the technology. Bringing parties together …

Edwin Bautista, president and chief executive of UnionBank of the Philippines, has forecast that the coronavirus outbreak will drive banks to shift towards digital currencies, leaving physical cash behind. As Euromoney reported on April 3, Bautista noted that the pandemic provoked a heightened demand in online banking services, pushing banks to revise their digitization strategy. “Certainly, this pandemic amplifies the need for all banks to go digital now,” Bautista said. Going further, the exec projected the beginning of the end of hard cash, especially if central banks fail to deliver notes and coins to banks and automated teller machines. Bautista …

Even with all the looming uncertainty surrounding the global COVID-19 pandemic, system security needs to remain at the forefront of companies’ planning. Businesses around the world are shutting down under local, state or national decrees as COVID-19 fears bring caution regarding public gatherings. Unsurprisingly, hackers have used the unprecedented opportunity of chaos and panic to probe weaknesses in information technology systems. One of those systems happened to be the United States Department of Health and Human Services, making the act even more egregious, considering the circumstances. But the problem extends beyond hackers and threats to companies and individuals. During times …