Coinbase Develops Global Digital Payment System

Brian Armstrong, CEO of the Coinbase cryptocurrency exchange, said the team is making every effort to create a new global P2P payment system for transferring reliable money. By “reliable” Armstrong means, first of all, cryptocurrency, which is less prone to inflation due to decentralization, and also cannot be used in political manipulations.

Coinbase decided to accelerate the development of a P2P system for international payments after the Chinese government destroyed thousands of paper bills that could potentially be used by patients with coronavirus infection. Millions more yen are treated with special disinfectants. At the same time, the Chinese are forbidden to touch fiat money with their bare hands. For payments in stores and pharmacies, people are required to wear rubber gloves and only then pick up banknotes. The US, fearing the transmission of the virus from Asia, also introduced quarantine measures for the dollar. First, banknotes are treated with special solutions, and in some cases disposed of.

Most likely, this practice will spread to other countries where large-scale outbreaks of coronavirus are registered today. This means that thousands, or even millions of dollars and euros can go into the furnace after contact with patients with coronavirus. During the global economic crisis, such a measure is an additional blow to the economies of countries.

According to Armstrong, fiat money is not only unstable during the crisis and cannot serve as a protective asset, it also carries a potential danger to its owners. Paper used to print banknotes, like cloth or other material, can serve as a means of transmitting the virus. Therefore, today there is a great need to launch electronic payment systems around the world.

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According to Armstrong in his Twitter, now the system of P2P payments is distributed mainly in the United States, but the coronavirus epidemic has proved the need to scale this technology.

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