The COVID-19 pandemic and coronavirus is reshaping a lot of aspects of the blockchain and cryptocurrency market. As we previously reported in our cryptonews, more than half of the 2020 cryptocurrency conferences have been either canceled or postponed due to the COVID-19 outbreak, while the mining manufacturers had to stop the equipment production in China.
At the same time, we are seeing how other companies have been able to master new opportunities by digitizing business processes and moving employees online. According to data, the consequences from this virus are severe. Additionally, many blockchain projects claim that this pandemic has affected their roadmaps and release schedules as well.
However, the latest blockchain news related to digital initiatives show that in most of the cases, the extent of the changes within the project directly correlates with the degree of the spread of the COVID-19 in a specific country.
China, for instance, which halted the spread of the pandemic on its territory, recently announced that it will launch its national blockchain network in April of 2020, as it was initially scheduled. The Chinese mining companies have resumed their work after the recent closure of the offices and facilities in the country.
Meanwhile, Russia is facing rapid growth in the number of COVID-19 cases – and has postponed the adoption of a law on cryptocurrencies indefinitely. The novel coronavirus is reshaping many things and the Russian government halved the budget for the development of blockchain technologies. The City of New York, which is also seeing an extreme number of coronavirus cases, has seen almost all local blockchain companies, which will close their offices.
There are many other blockchain projects which have temporarily suspended their activities related to doing business in other countries. Prime Trust is one of them – a company which provides open banking solutions in the blockchain industry. As officials from the company noted, representatives cannot visit their recently opened offices in Cyprus which resulted in slowdowns and delays now that everyone is working remotely.
So, coronavirus is shifting a lot of the roadmaps for blockchain and crypto projects. However, the good thing is that their capitalization has been unaffected by the virus. As it stands, crypto and blockchain cryptocurrencies are gaining a lot of traction and are in a safe zone, according to many.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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