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You are here: Home / Archives for coronavirus

coronavirus

Lockdowns Due to COVID-19 Seems to Have Lent Traction to Fintech Acceptance Movements; Changes Here to Stay

September 22, 2020 by Akash Anand

The coronavirus pandemic has brought with it multiple changes that have permeated almost all major industries on the planet. One of the sectors where the effects of the pandemic have been felt is the financial world, which is in the midst of a complete transformation.

The latest studies have shown that as the pandemic has progressed, more and more people were delving into the world of financial applications. This was a marked change from the time when people preferred in-person meetings with their brick and mortar establishments.

Market experts have stated the pandemic has revealed the underlying expectations of users who are involved in making big money transfers. Since a majority of the people were stuck at homes because of government-mandated lockdowns, they were delving into mobile applications built by banks as well as non-banks. The non-banking sector has been heavily involved in the fintech area for some time now and their progress has beaten all market expectations.

One of the fintech firms that has benefitted massively from this pandemic was the San Fransisco based Plaid. The firm, which was recently acquired by Visa for a whopping $5.3 billion has been on a roll with many services using its digital architecture to carry out transactions on a large scale. Plaid’s chief executive Zach Perret went on an interview with CNN, where he stated:

“I think the pandemic has made it incredibly clear that digital financial services are here to stay. People are trying digital finance for the first time. It’s going from an attitude where people think, ‘I do my banking in person,’ or, ‘I do financial services in person,’ to an attitude of thinking, ‘I could use these digital services. Breaking that zero-to-one gap, that’s the biggest gap.”

Analysts have also agreed with Perrett’s sentiment, with many predicting a future where big banks will make use of fintech architecture to keep up with customer demands. New technologies like blockchain and smart contracts have opened up an entirely new avenue for speed and efficiency. Although the cryptocurrency market still has a major share of critics, more and more people were warming up to the idea of its foundation, blockchain technology. As major banks try to create their own version of the existing blockchain system, only time will tell if it becomes a complete mainstay.

Filed Under: Fintech, News Tagged With: blockchain technology, coronavirus, Fintech, news

Here’s How Blockchain-Based ICONLOOP is Helping in Secure COVID-19 Tracing

August 20, 2020 by Reena Shaw

COVID-19 has affected all sorts of countries, communities as well as businesses in countless ways. Over the last few months, several initiatives have come up in aid and help deal with the global health crisis. One of the many industries that have been able to master new opportunities to help amid the pandemic is the blockchain technology.

In a bid to revitalize the stagnant economy and help tourism, South Korea-based leading blockchain technology firm, ICONLOOP.Inc announced that it is all set to help in providing private, secure COVID-19 contact tracing. The company will be mainly targeting the country’s most popular domestic tourist destination, Jeju Island, which has nearly 15 million visitors every year.

In the first of its kind initiative, ICONLOOP and the island’s Special Self-Governing Province have signed a cooperation agreement to introduce the COVID-19 disease prevention system.

As per the official document, the visitors will use a mobile app called ‘Zzeung’ and verify their identity using a Korean telecom service which can also be used to check into tourist destinations and businesses on Jeju Island using QR codes in the app. All the data will be kept private unless a COVID-19 case is discovered, in the event of which the island’s crisis response team will conduct “rapid epidemiological investigation” and tracing.

Talking about the latest development, Jong-hyup, Kim, CEO of ICONLOOP stated,

“This cooperation with Jeju Island is opening new possibilities for real-life application of blockchain DID authentication in the post-COVID-19 era. As more users directly experience safe and convenient DID service at scale, we will realize many more new ways that blockchain technology can be applied to their daily lives.”

Blockchain to the rescue

Blockchain can not only help in tracking public health data surveillance for infectious disease outbreaks by helping the agencies to keep track of the virus activity, of patients, suspected new cases, and more, it can also solve major issues pertaining to donation at a grim time such as current one.

Blockchain can further help in assisting global organizations such as WHO and other health organizations to come together and update each other about the current situation, tackling methodologies, breakthroughs and work towards a common goal to prevent it from worsening further.

The World Health Organization was reportedly working on blockchain and other tech companies on a program to help forward data about the ongoing pandemic, named MiPasa. Built on top of Hyperledger Fabric in partnership with IBM, computer firm Oracle, MiPasa is expected to help with early detection of the virus as well as identify carriers and hotspots.

Even cryptocurrency firms were not far behind. Binance was the first crypto-exchange to respond to the global outbreak. The CZ-led platform launched the “Binance for Wuhan” project and committed to a donation of medical supplies worth $1.4 million.

Following its suit was BitMEX’s operator HDR Global Trading Limited, which announced a grant of $2.5 million to help fight the virus. The grant was reportedly directed towards Gates Philanthropy Partners, Nuclear Threat Initiative, OpenMined, and Our World in Data.

The Stellar Foundation, as well as its rival Ripple Labs, announced donations worth millions for the cause.

Additionally, a decentralized AI hackathon launched by the Decentralized Artificial Intelligence Alliance [DAIA] in a bid to support the medical community in providing solutions and brought together global AI and blockchain projects and developers to create intelligent decentralized tools to combat the pandemic and reduce risks from future infectious outbreaks.

Filed Under: Blockchain, News, World Tagged With: Binance, coronavirus, COVID-19, Ripple (XRP), stellar blockchain

Texas Man Indicted after Securing COVID-19 Relief Loan to Invest in Crypto

July 17, 2020 by Arnold Kirimi

The United States Department of Justice (DoJ) has indicted a Texas man with securing a double relief loan of $1.1 million from the Paycheck Protection Program (PPP) of COVID-19. Conversely, Joshua Thomas Argires, as per the DoJ, has invested a portion of the funds in digital assets.

The acting Assistant Attorney General, Brian C. Rabbitt, claimed that the accused had been detained on the accounts for deceitfully securing over $1.1 million in PPP loans. The 29-year-old allegedly applied for two fake loans, one on behalf of an entity dubbed Texas Barbecue, and the other on behalf of a company named Houston Landscaping.

The accused claimed that the two entities had a lot of staff working and a high salary outlay. According to the complaint, neither of the two entities has staff, nor does it pay salaries in the amount specified by the applicant.

Argires channeled COVID-19 relief loan to Coinbase

The court filing states that on May 17, the accused had opened a Coinbase account under the name of Texas Barbecue, without any physical address. He is registered as the account’s single owner. On May 19, he began to transfer $956,250 of the COVID-19 relief loan into the Coinbase account.

The court document asserts some of the funds had to be used to invest in digital currency and yielded some profits. The document also states that none of the funds had been transferred from the Coinbase account.

Small businesses qualify for PPP loans

On the other hand, the COVID-19 relief loan secured through Houston Landscaping was retained in a bank account. Argires gradually withdrew the funds through over ATM dispensers, according to the DoJ.

The pandemic relief fund, or the CAREs Act was signed into law back on March 29, to offer contingency to Americans negatively affected by the pandemic crisis. Furthermore, the Small Business Administration provides PPP loans under this act; making small entities eligible for loans with a 1 percent interest.

Filed Under: Industry Tagged With: Bitcoin Trading, coronavirus, covid-19 pandemic, Covid-19 relief loan, Crypto Transactions, DoJ, ppp loan, texas man

Coronavirus Pandemic to Trigger CBDC Development Globally

June 24, 2020 by Yvette Mwendwa

The Bank of International Settlements (BIS) anticipates the effect of the coronavirus pandemic on retail payments to trigger positive development of CBDC globally. BIS is a Swiss-based international organization comprised of 60 central banks. The organization has released several reports centered on decentralization, cryptocurrencies, and central bank digital currencies (CBDC). CBDCs refer to state-issued cryptocurrencies, whose legal tender depends on the regulatory structure of a government.

Coronavirus impact on global payments

BIS ‘latest June 24 report suggests that the coronavirus pandemic has inflicted extreme changes in retail settlements. In addition, the report outlines the advantages and disadvantages of the current payment systems.

The report, for starters, highlights the rapid deterioration of fiat payments due to the risk of transmitting the virus between traders and consumers. And the economic uncertainty has caused “precautionary holdings” in fiat, leading to a decline in daily cash transactions.

Around the same time, restrictions levied by national governments, such as closing down tangible shops, have contributed to a steady decline in payment settlement on e-commerce. Besides, the fall in travel has led to a decrease in international visa transactions, and a substantial decline in remittances from migrants.

BIS says both of these changes show the benefits and limitations of the current payment system. Digital payment systems, on the other hand, have made it possible for many commercial operations to operate given the great disruption to daily activities.

“The crisis has amplified calls for greater access to digital payments by vulnerable groups and for more inclusive, lower-cost payment services going forward.”

Opportunity for CBDC development globally

In this regard, the BIS report outlines that CBDC development is globally at the frontier of policy opportunities “for central financial authorities;” could amount to a sea change. ” It notes that a successful CBDC could provide” a new, secure, trusted, and widely accessible digital payment method.

The BIS also noted that it would continue to offer its assistance to central banks worldwide in CBDC research and design. The organization has demanded global cooperation to ensure that post-COVID-19, future changes in international payments will be less split, more comprehensive, and more productive.

Filed Under: Industry Tagged With: BIS, CBDC, central banks, coronavirus, COVID-19

State-Owned Bank Launches 5,000 Blockchain-based Touchless ATMs to Curb COVID-19 Spread in Russia

May 26, 2020 by Arnold Kirimi

Russian state-owned bank, Sberbank is expanding the use of touchless blockchain-based ATMs in the country. The ATM machines use blockchain technology for security measures and the touchless functionality aims to curb the spread of highly communicable coronavirus pandemic in Russia.

The COVID-19 pandemic seems to be paving the way to a contact-free future lifestyle. From touchless payments, touchless travel, touchless toilet, and the latest, touchless ATMs. Touchless interactive technology has been slowly gaining grip, but the pandemic seems to be accelerating their adoption.

Contact-free ATMs adoption driven by Russian state-owned bank

Sberbank paid a hefty $108.5 million to purchase the blockchain-based contact-free ATMs in its efforts to curb the spread of coronavirus in the country. Interestingly, the ATM machines can be linked with popular mobile payment platforms such as;  Apple Pay, Google Pay, Samsung Pay, Huawei Pay, and the Russian Central Bank’s  Mir Pay.

Moreover, the touchless blockchain-based ATMs can be operated through the user’s mobile device, instead of manually operating the machine which poses a serious health risk in today’s world. Each ATM machine has the capacity to hold up to 14,500 treasury notes. They are equipped with a pattern recognition system and blockchain applications to ensure maximum security.

Although Sberbank is a big advocate of blockchain, it is not yet clear how the new ATMs’ use the technology. Back in 2018, Sberbank established a blockchain lab for innovation and tests the application of the technology in various operations. For example, Sberbank became the first Russian financial institution; to apply for a patent for a system that converts Repo to smart contracts.

Russia looking to criminalize cryptocurrencies 

Given that Sberbank is a state-owned bank, it shows that the Russian government wants to stay up to date with the latest technology and trends such as blockchain. In contrast, Russia seems not happy with the use of digital currencies such as Bitcoin in the country. 

According to a report by a local news agency, RBK, the Russian crypto bill which has been stalling for more than two years, might go through some modification to ban the use and issuance of digital currencies within Russia’s borders. The draft bill proposes a fine of up to $7,000 and a jail term of up to seven years.

Filed Under: News Tagged With: Bitcoin ATM, coronavirus, COVID-19, Crypto, Crypto Regulations, Russia

As Unemployment Becomes Rampant in The US, Scammers Get Working on Newly Jobless

May 23, 2020 by Akash Anand

The spread of coronavirus across the planet had essentially shut down the spectrum of industries. Weeks after nearly every major country announced lockdowns, some regions considered opening up services. While researchers have urged governments to further expand the lockdowns, the stone-faced wall of bureaucracy has met with them.

One of the pandemic ‘s biggest fallouts has been the unemployment rate increase. More than 33 million people in the US alone have lost their jobs in the past 70 days. In the midst of this crisis, investigators have uncovered a large ring of fraud preying on the newly unemployed.

Members of the fraud ring have targeted unemployment officers in Florida, North Carolina, Wyoming, Rhode Island, Massachusetts and Oklahoma according to latest reports. Investigators on the case have not dropped the idea that behind the attacks was a Nigerian criminal ring. An estimation and extrapolation of the hits showed that hundreds of millions of dollars could be worth of the capital stolen.

The gang’s modus operandi involves stealing personal details from the servers for employment and targeting the vulnerable. The Secret Service of the United States told the public of the possibility of criminal offenders targeting the unemployment funds, though no further specifics were released. A Secret Service statement said,

 “The Secret Service’s primary investigative priorities are to mitigate any attempts by criminals that target citizens for identity theft and cyber-enabled crimes as it relates to COVID-19.”

Since the beginning of April, the numbers of such cases have been on the rise with more than 100 identity theft reports registered in the month alone. It was believed earlier that the fake claims of unemployment were random but now it has come to light that it is a coordinated effort.

Experts have said that if not stopped, these scams may increase to exponential levels. The country’s citizens are also in no shape to lose their existing finances because of the sheer burden it places on their families. Even after the government’s inflows, the economy was still limping, which, in turn, also affected the overall job market. Deceivers may also take advantage of the remote pandemic situation to prey on people who are desperately looking for jobs. The only way to protect people who are going through a difficult time is to ensure that awareness is spread evenly and at grass root level.

Filed Under: News Tagged With: coronavirus, fraud unemployment, new

COVID-19 Research Supercomputers Infected With Crypto-Jacking Malware

May 19, 2020 by Arnold Kirimi

European COVID-19 research supercomputers were hacked and infected with crypto-mining malware by an anonymous cyber-crime gang over the past one week. More than ten supercomputers in Germany, the United Kingdom, Spain, and Switzerland were attacked by a group of hackers to illegally mine cryptocurrencies.

Moreover, following the crypto-jacking of COVID-19 research supercomputers, some of them have had to be shut down to curb the damage. Among the supercomputers shut down is the University of Edinburgh’s “Archer” supercomputer. Archer was performing COVID-19 research analysis before being taken offline.

According to reports, the hacking group stole COVID-19 research supercomputer’s login credentials to gain access. The unknown group stole credentials from compromised networks of universities in Poland and the People’s Republic of China. 

A cybersecurity firm, Cado Security noted that it is normal practice for users from various high-performance computing facilities to have credentials of other institutions. This makes it easy for hackers to sieve their login credentials. 

COVID-19 research supercomputers installed with Monero mining software

In two of the events, the attackers linked with the supercomputers through a compromised SSH account. The account then took advantage of a weakness on the Linux kernel to get access and afterward installed a Monero mining software. Interestingly, the crypto-jacking malware has been set to operate during the night only, to avoid detection.

Furthermore, the majority of targets were COVID-19 research supercomputers. These computers were being used in conducting the coronavirus pandemic research. As per a publication by the Swiss Center of Scientific Computations in Zurich, the illegal crypto-mining activity led in the external access to the center taken offline to fix security issues.

The attackers’ intention of installing crypto-jacking malware is believed to make some cash. Regardless, the attack is contemplated as to cause a major disruption in the ongoing coronavirus pandemic research due to the intrusion and the resulting downtime.

This incident is yet another example that hackers are not satisfied with making money merely from their data hacks where they later sell compromised information online. On the contrary, they keep flowing with the air to take advantage of users’ weaknesses (whether it’s emotional or machine/software hole) to fill their pockets at the fullest.

Filed Under: News Tagged With: coronavirus, COVID-19, crypto-jacking, cryptojacking malware, cyber crime

Covid-19 Forces Germany into Recession; Over 100 Banks Charging Negative Interest Rates

May 18, 2020 by Arnold Kirimi

According to an announcement made late last week by the Statistisches Bundesamt, as COVID-19 forces Germany into recession, with the biggest quarterly decline since the 2008 international financial and economic crisis, over 100 banks in the nation have started charging clients negative interest rates.

According to data shared on May 15 by Germany’s Federal Statistical Office, Statistisches Bundesamt, the European heavyweights have now entered the recession. As per the data shared by the German Federal Statistics Office:

“The corona pandemic hits the German economy hard … [Q1’s contraction] was the largest decrease since the global financial and economic crisis of 2008/2009 and the second-largest decrease since German unification.”

COVID-19 forces Germany into recession

Moreover, the statistical agency claims that a substantial decline than the latest fall was only recorded back during Q1 of 2009 with a -4.7 percent drop. During Q1 this year, Europe’s biggest economy dropped off by 2.2 percent. In addition, the Eurozone economy recorded a sharp 3.8 percent decline within the same period.

COVID-19 forces Germany into recession

German economists, including the experts from Deutsche Bank, predict an even greater tumble during Q2, as the impact of the COVID-19 pandemic becomes evident. Chancellor Angela Merkel apprises that if the transmission rate of COVID-19 rises, Germany could be forced back into forced lockdown.

Number of banks charging negative interest rates escalating 

Over the recession period and over the course of the coronavirus pandemic, the number of financial institutions charging negative interest rates has been escalating fast. Back in April, only about 80 banks were charging their clients negative interest rates. However, currently this number has increased to over 100 banks. 

According to the German consumer comparison portal, Verivox, over 800 German banks have been studied. Virivox’s investigation has revealed that over 100 banks are currently charging negative interest rates in Germany. The contrast portal has grouped the banks in three classifications.

Furthermore, 94 of the banks have shared their fresh rates online or on their price catalogues. On the other hand, 10 banks are charging fees on demand deposits accounts that are normally free, giving an actual negative interest rate on such accounts. As per the portal, 22 other banks are also charging negative interest rates, but they are yet to publish the new rates online or share. 

Filed Under: News Tagged With: Banks, coronavirus, COVID-19, economic incentive, Germany

Digital Technology Crucial in Fight Against Coronavirus Pandemic, Says G-20

May 10, 2020 by Arnold Kirimi

During a video conference held on April 30, members from the Group of Twenty (G-20) member nations, emphasized that digital technology and policies are playing a crucial role in retaliation to the widespread COVID-19.

At the Extraordinary G-20 Digital Economy Ministers Meeting, Mr. S. Iswaran, Minister of Communications, who also represented Singapore, stated that coronavirus had critically deranged economies, international trade, and global supply chains.

According to Iswaran, digital technology and policies are doing extra work to improve response to the coronavirus pandemic and recovery from the epidemic. The Communications Minister pointed out three areas where digital tech and policies can reap near-and long-term benefits: intensifying public health, equipping citizens with knowledge, and reinforcing the economy.

Digital technology and policies in health sector 

In addition, he added that the COVID-19 crisis has lad to the need for digital health solutions including telemedicine, and earmarked interventions such as automated temperature screening and the pursuing of contacts.

Moreover, digital technology has made it possible for administrations to engage with the citizens; to enhance widespread trust and togetherness in order to ease effective retaliation against COVID-19.

Furthermore, Iswaran stated that it is significant for business ventures to employ digital tech and policies to enhance the durability of their entities. Adoption of digital technologies such as digital payment methods and online selling would ramp up sales especially during this period clouded with pandemic uncertainties.

Moving forward, while speaking at Saudi Arabia’s invitation, Iswaran added that the coronavirus epidemic has highlighted the significance of making substantial investments in digital connectivity networks and cybersecurity. Adding to that, he claimed that 5G is the spine of the digital economy.

Ministers to revamp business durability by promoting digitization projects

During the virtual meeting, the ministers present concurred to focus on six areas of work. These areas of work include ensuring the security and affordability of communication systems; and network security while transmitting data; and inspiring research and adoption of digital health technologies.

The ministers also concurred in the bid to reinforce business pliability by promoting digitization and offering support. Saudi Arabia’s Minister for Communication and IT,  Abdullah Amer Al-Swaha chaired the virtual meeting.

Filed Under: Industry, Technology Tagged With: coronavirus, COVID-19, Digital Dollar, digital identity, Digital payment, Digital yuan

Longhash Ventures Aims to Combat Coronavirus with”Blockchain For Good”

April 23, 2020 by Ketaki Dixit

The spread of coronavirus has resulted in a large number of companies and individuals stepping up to provide solutions. With globally positive cases expected to cross over 3 million in the near future, officials agreed that the collective effort of multiple industries was hour-by-hour.

According to recent reports, Singapore‘s LongHash is hosting the ‘Blockchain for Good’ initiative, an initiative in which companies are urged to come up with blockchain solutions to promote positive social impact.

Bigwigs such as McKinsey & Company, Enterprise Singapore, INSEAD and Hashkey Digital Asset Group will be supporting the virtual event with the aim of addressing the challenges that have arisen as a result of the current pandemic.

Longhash has been quite active in the Singapore Fintech ecosystem recently, and the advent of COVID-19 has only inspired it to push further developments. The organization claimed that it was to analyze the three main pillars of the outbreak of the virus. The three pillars will be addressed in a sustainable manner by all participants of the event.

On April 22, the Singapore government announced that the ongoing lockdown would be extended till June.

Initiatives taken by companies like Longhash were important because they were trying to ease the suffering of millions of people. Talking about the upcoming event, Chia Hock Lai, President of Singapore Fintech Association said:

“The unprecedented circumstances brought about by the coronavirus demands that we respond swiftly and effectively to alleviate its impact. In line with our long-standing commitment to embrace the efforts of digital innovation, Blockchain for Goodwill accelerate the transition from ideation to action. We look forward to the wave of ingenuity and fresh solutions that will develop from the course of the hackathon.”

Lai’s sentiments were shared by a number of industry officials, all of whom focused on the three-pillar solution framework. The first pillar includes the resolution of the issues currently facing Small and Medium Enterprises, in particular the extension of the lockdown. Several people have lost their jobs in the current crisis, with self-employed workers and freelancers carrying the brunt.

Other countries, such as the US, pumped money into the economy to protect small and medium-sized enterprises, but the process has been staggered and inefficient. Longhash believed that blockchain would be the perfect channel for creating sound, effective solutions to help society. The second pillar will focus on helping governments and communities to track and contain the spread of the virus.

At the moment, some countries have been testing pilot versions of applications that track the whereabouts of citizens in an effort to maintain social distance. The Government of Singapore has informed its citizens that everyone should follow protocols so that the coronavirus can be eradicated quickly. This formed the basis for the third pillar of ‘Blockchain for Good’: addressing the day-to-day challenges of social distancing and how to normalize it.

Applications for the event will be accepted until April 26 and the winner will receive a prize of up to $5,000. Emma Cui, CEO of Longhash Ventures, hoped that the responses would reflect the collective social spirit of all participants. Only time can tell us the extent to which solutions will help combat the virus, with millions of people waiting on the sidelines to breathe.

Filed Under: Blockchain, News Tagged With: Blockchain, coronavirus

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