The coronavirus is a global threat that should not be ignored. Chinese government officials are preparing the next phase, which seems to revolve around the removal of paper money.
The Coronavirus Rampage Continues
This virus outbreak is very serious and poses a serious threat. Avoiding future spreading of the virus requires a very different approach. The coronavirus can be transmitted through human contact, both directly and indirectly. As such, the use of physical currency can be a catalyst for new outbreaks, according to the Chinese government.
More and more people are falling victim to the virus. Just yesterday, another 2,500 infections have been recorded in China. Furthermore, 143 people succumbed to the virus, and the death toll is likely to keep rising. New rules need to be put into effect, by all means necessary. Maintaining those rules in regions such as Beijing or Shanghai, or even Shenzhen, will prove very problematic.
Suspending the use of Cash Money
It is no secret that a lot of countries want to transition to a cashless society. Doing so is easier said than done. Cash money, either the bills or the coins, provide a degree of financial freedom to consumers. While it is not the most convenient form of exchanging value, that degree of freedom should never be underestimated.
In China, financial freedom isn't something that the government approves of. As such, any measure to dissuade the usage of cash will be embraced. The coronavirus outbreak may prove to be a powerful weapon in this regard. All paper money will be taken out of circulation as a temporary measure.
Bills that have been used will be decontaminated accordingly. How this process will work exactly, remains somewhat unclear. Going door-to-door to collect paper money seems like a rough undertaking. Moreover, one has to wonder when and how the collected bills will be returned to their rightful owners.