Libra’s development was further highlighted by the pilot launch of the digital yuan in four cities across China. Even though the digital yuan may not be a direct competitor to private digital currencies such as Libra, its upcoming rollout threatens to affect Libra’s potential market.
(June 12): Amid the Covid-19 pandemic, experts have warned that the virus could spread via physical money as the monetary notes and coins may carry viruses and up to 3,000 types of bacteria. In March, the World Health Organization confirmed that banknotes may carry the coronavirus for several days and recommended the use of e-payments to mitigate the risk of contagion.
Moreover, the widespread national lockdowns have highlighted the need for people to transact from the comfort of their own home. Thus, a heightened virus awareness and a more urgent need for contactless payments might have expedited the development of the digital currency of Facebook, Libra.
