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Multiple Technology Companies in the Netherlands Band Together in Fight Against Coronavirus

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The spread of coronavirus has led many individuals and organizations to do their part to mitigate the damage. Governments around the world have urged people to do their part to flatten the curve by staying inside their homes and practicing social distancing.

In an effort to assist the Netherlands in the fight against COVID-19, a number of tech companies have come forward to help. The initiative, called “Tech against Corona” includes companies such as Cybersprint, Compumatica, and TYMLEZ. 

Reports indicated that the companies came forward on their own after seeing the rapid spread of the pandemic. As of now, the United States has had the largest number of coronavirus-related patients after the country has witnessed a doubling of numbers. After a meeting on 25 March, companies in the Netherlands decided to form their own group to tackle this problem.

The organizations believed that governments and hospitals could make use of their technologies and algorithms to better assist the sick. Cybersprint took it upon itself to investigate hospital systems and protect them from malicious cyber attacks. Compumatica, another technology company offered to improve the internet services of crucial professions and individuals.

Political officials in the Netherlands asked its people and companies to come together as one to fight the global pandemic. Jan Middendop, a Member of Parliament had said:

“We stay at home to keep each other safe. Technology can help keeping us safe. It is therefore more important than ever in these exceptional times for governments and tech companies to work together.”

The tech companies, just like the government realize that hospitals and doctors on the front line need the most assistance. To help with this, organizations such as TYMLEZ and Traxion have stepped forward with their resources. TYMLEZ is set to create a system where medicines are sent to patients depending on the exact dosage amount. Blockchain technology aims to distribute essentials at maximum efficiency, hence meeting more demands.

Technology bigwigs such as Microsoft and KPN were also looking at their drawing boards to conjure up solutions. Traxion was another Dutch company targetting the area of volunteer development. The company wants to create a simpler way in which volunteers can be added into online systems. The efforts taken by the companies was praised by another Member of Parliament, Chris van Dam, who stated:

“It’s fantastic that these companies are willing to assist the government. These smart tech heads are desperately needed right now.”

The group already includes ten tech companies with many more set to join. According to the officials close to the group, the mission is simple: come up with as many concrete solutions to the coronavirus as possible. The Royal Dutch Army has also been mobilized to help in crisis support and management.

 

 

Digital Dollar and Digital Wallets Considered by House Democrats to Help Unbanked Population During the COVID-19 Pandemic

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It’s just March, and the world has witnessed multiple crises in the form of the threat of World War 3 and the spread of Coronavirus. The effect of the latter was so significant that stock markets crumbled in a recession like fashion, forcing investors to run helter-skelter.

To ensure better access to resources for the unbanked population, the House of Democrats has begun to consider the use of the digital dollar and digital wallets. This was done to ensure that the underprivileged do not get run over during the current crisis. Discussions about a digital dollar had surged after financial officials claimed they would be ready to print ‘infinite’ fiat currencies. 

The members of Congress began discussions about digital wallets because of the rapid spread of the Coronavirus across the globe. If the decision is carried forward, cryptocurrency wallets will be a part of the COVID-19 economic stimulus plan.

The House Financial Services Committee Chairwoman Maxine Waters claimed that large Federal Reserve banks and other financial institutions will need to provide digital wallets to create a more seamless financial ecosystem. Although wallets were considered, the concept of a digital dollar was still far from inception.

Digital assets were considered as an answer to the current financial situation because of increased settlement times and security. The Fed has usually stayed away from cryptocurrencies because of the industry’s connection with the fraud.

Federal Reserve Chairman Jerome Powell has always been against the idea of a CBDC [Central Bank Digital Currency] and it does not look like it will be included in the stimulus plan either. The idea behind a ‘digital dollar’ was to link the advantages of a cryptocurrency with an overwatch from the Fed.

Both Republicans and Democrats negotiated a $1200 payout for single adults earning less than $75,000 per year. The payment amounts will also be phased down in value until hitting a hard cap of $99,000. Some sources have said that draft legislation mentioned a $2000 payment per month to each adult in that particular threshold. This would be done as long as the COVID-19 pandemic lasts.

Two trade associations that would be a part of the digital wallet mandate would be the American Bankers Association and the Bank Policy Institute. What surprised crypto enthusiasts the most about this development was the range discussed for digital assets.

The Electronic Transactions Association will also include additional payments methods such as digital wallet settlements. Cryptocurrency enthusiasts added that at this point, all industries must come together to survive the onslaught. Jodie Kelley, the CEO of the Electronic Transaction Association said:

“In addition to banks, ETA supports using other modern payments methods like prepaid cards, digital wallets, money service businesses, and P2P services to securely, quickly deliver stimulus money to American consumers.”

It was not hard to see why lawmakers chose to consider all sorts of payment methods during these trying times. The world has not seen such a collective fear since WWII and financial markets have responded poorly. Only time will tell if the virus spreads and wreaks more havoc or if things go back to normal as soon as possible. Daniel Gorfine, a former chief innovation officer at the CFTC admitted that it would be difficult to create a digital dollar during the currency crisis.

Italian Red Cross Bitcoin Fundraiser Hits Target Within 3 Days

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The Italian Red Cross outlined a new Bitcoin initiative to purchase medical impediment after the initial Bitcoin fundraiser had exceeded the target in three days. The Italian Red Cross organized a bitcoin appeal to help acquire advanced medical posts for a triage facility in the midst of a coronavirus pandemic.

After only three days of setting up the bitcoin fundraiser, Red Cross has revealed that it had achieved its target of about $10,710 (€10,000).In addition, the Red Cross announced that it had begun to purchase the equipment necessary for stationing the triage facilities.

This time around, the charitable organization has set a new goal of about $26,000 to procure the equipment needed for emergency operations, which involves a defibrillator with a vital signs monitor. In fact, this latest bitcoin project has met more than 75 percent of the target set from only 55 donors at the time of writing. The charitable group has spent about $20,000 to date.

Crypto community role in the fight against coronavirus pandemic

As the COVID-19 epidemic intensifies, the cryptocurrency community has provided several novel insights and hands-on strategies. 

Coinbase, leading global crypto exchange firm, formally developed a code related to multi-stage coronavirus response plan.The Coinbase system entails how companies should respond to specific occurrences, such as increased cases within a vicinity.

An international group of developers has been rolling out the “CoronaCoin” whose supply relates to the number of COVID-19 related deaths. The project has been dubbed as an unhealthy joke, however, the developers have defended their plan by comparing the asset to the pandemic bonds; issued by the World Health Organisation, which also similarly amass value. 

The digital currency community has engaged and contributed to various projects that are helping to combat COVID-19 globally. Platforms like Folding@Home, which capitalizes on additional computational power to assist in medical research; have gained tremendous support from the cryptocurrency community.

In particular, the Tezos Foundation has set up a pool of hundreds of XTZ to become the most significant Folding@Home contributor. Additionally, CoreWeave has redirected approximately 6,000 GPUs that were initially used to mine ETH towards the project.

Moreover, Ethereum based crowdfunding network, Gitcoin, revealed on March 14 that it had committed about $50,000 in grants funding; to the public health initiatives that are battling the coronavirus pandemic. Gitcoin is looking forward to raising at least $100, 000 towards the course.

The rise in crypto-related COVID-19 scams

Cybercriminals are capitalizing heavily on the coronavirus pandemic using digital currencies to obscure their tracks. Scammers have established “phishing” attacks using text messages, emails, and social media platforms; to exploit the panic caused by the widespread coronavirus.

According to a report by cybersecurity researcher Chester Wisniewski on March 19, fraudsters have been posing as the World Health Organization (WHO) to seek BTC grants through email. 

Furthermore, a cyber threat research firm, DomainTools on March 13; published a report regarding a website that infects users’ phones with ransomware.

The website, named coronaviruapp.site, will infect a user’s mobile phone with COVID-19 themed ransomware; that resembles a heat map showing the spread of coronavirus across the globe. The malware demands a ransom in bitcoin. 

 

Amidst Corona Chaos Leading Italian Bank Launches Full Fledged Crypto Wallet

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Despite the fact that the world is fighting the coronavirus outbreak and the nationwide lockdown, Italy’s leading bank, Banca Sella has rolled a full-fledged crypto wallet.

The bank has likely leveraged the potential demand for virtual money as people are transforming their way from fiat to bitcoin as part of safe money following the ongoing crises. As per the report, the bank with its unique platform dubbed as “Hype” is aiming to foster the adoption of virtual money.

Per the reports, this new wallet enables people to purchase, sale and store the Bitcoin. In addition to this, people can start purchasing goods and services using cryptocurrency through this new banking wallet. Interestingly, the wallet serves nearly 1.2 million users of the bank’s HYPE Plus digital platform. However, the bank foresees the accessibility of this service to all Banca Sella Customers.

Noticeably, the platform is designed and integrated by a crypto company, Conio. This integration is said to be as equivalent as jamming Coinbase app into a bank account. Christian Miccoli, the co-founder of Conio said that;

“Banks feel threatened by cryptocurrencies and, like all big organizations, have a natural tendency to resist change. But this time innovation is impossible to stop: it is akin to trying to stop the wind with your hands”

Beside Banca Sella bank, other banks are also following in this stream, for instance, Ziglu which is yet to release and Revolut with almost $5.5 billion valuations is exciting their customers by combining crypto services. However, concerning the Revolut’s crypto banking services, Conio’s co-founder Vincenzo Di Nicola said that;

While Revolut may give the impression to manage Bitcoin,” customers can “neither receive Bitcoin nor can transfer them: it’s a walled-garden approach that actually defeats the purpose of a cryptocurrency.”

Although people have self-quarantined, yet, Hype’s approach is that the people are now more cautious of coins and paper money. The fear that COVID spreading across the world, people are turning to digital currency by dumping the paper version of money as a cleaner solution for the future.

Bitcoin’s Price Crash Can Be Attributed To Institutional Investors, Claims Report

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Bitcoin’s price movement has been the town’s talk for the past few weeks, especially after its value had dropped by more than 35%. While most of the industry was trying to stay afloat during the Coronavirus pandemic, some new information has come to light about the recent Bitcoin price crash.

According to a report published by Chainalysis, institutional and professional investors were the main reasons for the Bitcoin price crash. This was different from the belief that retail investors were to blame for the market dip. 

Bitcoin price crash by almost 40 percent over the past two weeks and the dip had resulted in an investor rout. For an industry that has been anticipating the arrival of institutional money, the overturn in the capital was an unexpected twist.

Chainalysis found out that the bitcoin transfers between 10 BTC and 1,000 BTC constituted almost 70 percent of all transactions to crypto exchanges.

During the trading time between March 12 and March 13, cryptocurrency exchanges saw an unprecedented rise in trading volume. During a typical trading day in March, exchanges witnessed trades of around 319,000 BTC but that multiplied by 9x on March 13.

Experts claimed that the sell-off was because of the worldwide Coronavirus scare. According to the report:

“These trends suggest that the deeper pocketed professional traders and investors were driving the market, but they were joined, both on the selling and the buying, by a large number of retail holders.”

During the aforementioned date, almost 10 percent of all Bitcoin transfers were over 10,000 BTC. Bitcoin crashed along with its counterparts such as the Nasdaq and the S&P 500. The mainstream stocks and crude oil had sunk to 25 year lows and investors were in deep despair.

Bitcoin price crash came as a surprise to many because it went against the concept of a ‘safe haven’ asset.

At the time of writing, Bitcoin was trading for $5,980.82 with a total market cap of  $109.31billion. A surprising 13.11 percent increase in its price had also lifted the 24-hour market volume to $50.47 billion.

Bitcoin scammers impersonate WHO Coronavirus Response Fund to Funnel Donation Money

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Bad players in the cryptocurrency space have always been the industry’s burden and remain one of the biggest disincentives for institutional investors. Bitcoin scams have become so commonplace that they have even begun to affect legitimate large-scale ventures.

The Internet scan revealed that Bitcoin scammers were impersonating the website of the World Health Organization’s COVID-19 Solidarity Response Fund for their own nefarious intentions.

Instead of using a website, the Bitcoin scammers sent emails to multiple people asking them to donate to a bitcoin address. Apparently, the capital collected would be used to provide resources for everyone fighting Coronavirus on the front lines. It was obvious from the outset to those familiar with the project that the email was part of a scam.

The actual Response Fund has its own website at covid19responsefund.org where people can donate set amounts between $25 and $2500 or any amount of their choice. On the website, users also have the option to make their payments part of a monthly cycle to continue the fight against COVID-19.

WHO
https://covid19responsefund.org/

The release on the website read:

“The greatest need right now is to help ensure all countries are prepared, especially those with the weakest health systems. Donations support WHO’s work to track and understand the spread of the virus; to ensure patients get the care they need and frontline workers get essential supplies and information; and to accelerate efforts to develop vaccines, tests, and treatments.

Beware of these new coronavirus email scams

The scam mail tried to first explain what the COVID-19 Solidarity Response Fund was about, including a list of objectives of the “organization”. These objectives included enabling all countries to track and detect COVID-19 by boosting laboratory capacity through training and equipment. One of the paragraphs in the mail spoke about the grim reality of what might occur and the solutions for it. It said:

“The Strategic Preparedness and Response Plan outlines a funding need of at least US$675 million for critical response efforts in countries most in need of help through April 2020. As this outbreak evolves, funding needs are likely to increase.”

There have been several cases of people skirting the law for their needs during these trying times. The Coronavirus has spread to more than 80 countries now and new cases were being reported every day. As health officials continue to ask people to practice ‘social distancing’, it was heinous that Bitcoin scammers would go the other way.

It can only be hoped that the people behind the latest scam be brought to justice quickly as their email blast may have nasty ramifications. Money that was supposed to be used for assisting the sick would be diverted to the pockets of Bitcoin scammers and that just cannot be allowed. Users in the cryptocurrency industry must band together to create awareness about this Bitcoin scam so that help can be given to those who deserve it.

Beware: Russian Hackers Are Using Coronavirus Maps to Attack Ethereum Wallets

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The cryptocurrency market was one of the many sectors that have recently been affected by the spread of Coronavirus.

Several countries around the globe have been struck by fear and panic has spread among the masses. In the midst of all this, the bad actors were still trying to stir up the pot in the digital asset industry.

Recent reports indicate that Russian cybercrime forums have played an active role in releasing Coronavirus-related content that would affect users ‘  Ethereum and Electrum wallets. This was done in order to make illegal crypto by bandwagoning the ongoing crisis.

In a warning published on beta.cent.co, holders were told that Russian entities were uploading online interactive COVID 19 maps to supposedly help people.

What participants do not know is that when they click on the map, they are prone to attacks on their Ethereum wallets. Shai Alfasi, a researcher at Reason Labs said:

“The malware specifically seeks out cryptocurrency wallets (including those for Electrum and Ethereum), the Telegram desktop app and Steam accounts. It can also take unauthorized screenshots, resolved and save a victim’s public IP address, and gather information on infect machines, including the OS system, architecture, hostname and username.”

The data breach created by clicking on the COVID 19 maps gives the attackers direct root access. Sources said that NFT creators and blockchain developers will be the most affected by the display of their private keys on the screen.

Attackers usually gain access to the work screen and then take the private keys of the individual user.

The increasing Coronavirus cases across the world have ensured that people take the virus as well as the disease caused by it seriously. In some places, the panic was so intense that citizens were seen raiding supermarkets for unnecessary items.

Hackers have capitalized on this fear as they realized that the average Joe was not very smart. The demand during the disease season has created a vulnerability that malicious actors have quickly taken advantage of.

When users click on the Coronavirus maps. they activate a strain of malicious software known as AZORult. This software was used to steal information such as browsing history, cookies, cryptocurrencies and many more.

AZORult first became public when it was sold on Russian underground forums for collecting sensitive information from unsuspecting users. A different variation of the AZORult also allows hackers to create Remote Desktop Protocol connections on compromised systems.

At a time when more and more people were dying because of the virus, hackers were showing no signs of stopping, In Japan, scammers used an Emotet campaign to attack users with code built into ‘Coronavirus prevention’ documents.

Some were so elaborate that hackers made documents that were supposed to be from the US Centers for Disease Control and Prevention.

Right now it is pretty hard to gauge what impact the virus will have on society in the long run. Every day we see new cases being reported from multiple regions and governments were struggling to keep up with the demands.

Financial regulators will have to be careful while scanning through happening because hacks such as the one mentioned earlier might get lost in the ongoing chaos.

Crypto Firms Have 30 Days to Submit Coronavirus Contingency Plan

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The New York Department of Financial Services (NYDFS) has requested all state-sanctioned cryptocurrency-firms to submit a detailed plan on how to combat the coronavirus menace.

In a letter dated 10 March, NYDFS sets out a comprehensive list of items that it expects entities in the cryptocurrency sector to cover in their’ preparedness plan;’ involving potential risks caused by the historical corona epidemic.

In its letter, NYDFS asked crypto firms to include details on how to deal with operational disruptions, measures taken to protect its employees, the communication strategy for dealing with customers, and details on how to “manage the effects of the outbreak” in addition to other risks. The letter reads:

“COVID-19 has already had adverse economic effects domestically and globally. It is critical that each regulated entity establish plans to address how it will manage the effects of the outbreak and assess disruptions and other risks to its services and operations.”

Moreover, the regulator has given the crypto firms only 30 days to submit the coronavirus contingency plans. The plans should comprehend all the details covering all the systems, facilities, policies and schemes that would be fundamental to keep running operations even in the absence of key staff members.

In particular, there are currently only 18 crypto firms with the highly coveted New York BitLicense, which allows them to deal with digital currencies. These firms include Coinbase, Tagomi, Gemini, Ripple, Square, Coinsource and Circle, among others.

Coinbase submitted ‘preparedness plan’ last month 

Interestingly, giant cryptocurrency exchange firm, Coinbase issued its coronavirus preparedness plan back in February.  As countries, firms and individuals prepare for the worst following the spread of the deadly virus; crypto firm Coinbase already has a contingency plan on how it will navigate through this period of uncertainty. 

Interestingly, Coinbase issued its plan for the preparation of coronavirus back in February.  As countries, firms and individuals prepare for the worst after the spread of the deadly virus; the crypto firm Coinbase already has a contingency plan on how to navigate through this period of uncertainty.

The giant exchange which has offices in the United States, Ireland, Japan, and the U.K.; planned for three phases of the deadly virus. According to the document shared by the firm last month:

“We have a standing Crisis Management Team continually reviewing new information as it comes in. We have established a four tier escalation ladder (from tier 0 to tier 3) in response to changes that impact Coinbase offices.”

As per the document, for instance, there are 100 cases of infection within the commuting radius of a given Coinbase office; the management will ask certain individuals to conduct their operations from home. Moreover, the management will also step up the cleaning schedule of those offices; as well as installing necessary equipment and facilities such as mask disposal bins

Moving forward, the NYDFS  demand provides a quick view of the state’s response to an epidemic that spreads like a wildfire. Even before the request was made, New York City Mayor Bill de Blasio had long declared a state of emergency to counter the spread of a highly communicable disease.

Global Markets hit hard by COVID-19

As a result of the tension created by coronavirus across the world; the cryptocurrency market has suffered huge blows as traditional markets and U.S. stocks; suffer their heaviest plunge in over 30 years. 

The price of the world’s most popular cryptocurrency plummeted by more than 40% within 48 hours. Many technology firms have resolved in asking their employees to work remotely and a number of cryptocurrency events have been canceled world wide.

 

China’s Digital Renminbi in the Face of an Epidemic

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The World Health Organization, on Wednesday, declared COVID-19 a global pandemic. Officially known as COVID-19, CNBC reported on March 11 that coronavirus has spread sufficiently worldwide to warrant classification as a pandemic. From Asia to the Middle East, Europe, and the United States, the virus has spread quickly to over 121,000 people.

Will Covid-19 Drive Inception of the Digital Yuan?

Former Chinese Central Bank president told press reporters that they are currently considering digital currency as a way to counter  the spread of Coronavirus. It came following a government ultimatum to clean cash in February, before giving it back to the public.

In fact, the government has quarantined old paper notes worth at least $85.9 billion. As a result, they also published the same amount of new money in the virus ‘ originating area-Hubei. The ultimatum required banks to issue sterilized notes only to the public. Therefore reducing the chances of spreading of coronavirus during transaction activities from person to person.

The former People’s Bank of China president Lihui Li told China Daily how a digital payment system would bring convenience during epidemics. Lihui Li currently serves as the blockchain head for National Internet Finance Association (NIFA). NIFA is a state-run fintech organization.

In addition, Lihui Li highlighted the adoption of digital stablecoins was partially dependent on retail demand. For instance, the retail market in China is presently dominated by WeChat and Alipay. Both of these are pretty excellent forms of digital payment and alternative payment means. 

In the aftermath of the coronavirus attack, both micro-and macroeconomics suffered. The effect has obviously impacted money supply, especially from high-risk sites. PBOC requires officials, for example, to seal all the money from hospitals and volatile markets and issue it to the central bank. And the central bank reissues the money back to circulation.

China’s PBOC deputy governor highlighted the nation’s focus on national health and safety. The official said: 

“After the outbreak, we paid great attention to the safety and health of the public’s use of cash,”

Some of the safety measures that the Central Bank has implemented include suspending cash transfers between provinces. As well as minimizing the movement of business and government personnel and thereby reduce the risk of transmission. Moreover, the Central bank also issued at least $4 billion worth of banknotes to Wuhan. Which is a percentage of the 600 billion new yuan notes that the bank allocated to disinfect the cash in circulation? 

Some have felt that disinfecting the monetary supply will have minimal impact in containing the disease. Muhammad Munir, a professor at England’s Lancaster University said it was difficult to remove traces of the virus from objects, including banknotes. Munir said: 

“While COVID-19 can spread through contaminated objects, the duration of coronavirus survival on currency notes is not determined”

He also added that since most of China’s daily purchases are made online, the impact of cash restriction will have a slight effect on the spread of coronavirus. 

The virologist said the only way to curb disease transmission has been through good hygiene.  Advice that many medical professionals have been communicating with the public.

 Washing hands using alcohol sanitizers could easily restrict hand to hand transmission of the infection. Since the point of transmission among most people exchanging cash is through the hands. Therefore, maintaining hand hygiene should be top of the list while curbing the spread of coronavirus.

On the other hand, a couple of people have felt the need for a central bank-issued stablecoin. This, they say, would be desirable and convenient in times of national disasters.

Global Coronavirus Outbreak Results in Postponement of Several Crypto Blockchain Conferences

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While the specter of the spiraling Coronavirus crisis-affected stock’s prices and the lives of many, major crypto and blockchain conferences have also been rescheduled.

One of the largest multi-day events, Ethereum Development Community Conference, EDCON was initially slated to happen in April in Vienna. However, it has been canceled due to ‘the COVID-19 virus”. The notice on similar regards has been sent to their subscribers and community members, noting that the decision was difficult but necessary considering the safety and health’.

“The well-being of the Ethereum community is the most important thing for us. As we are all well aware of the COVID-19 epidemic, we made the hard decision today to cancel EDCON 2020,” the organizers wrote.

EDCON isn’t the only conference that decided to cancel the event this year, however, organizers of yet another biggest event, the Paris Blockchain Week Summit has also paused the event which was supposed to take place in March. The organizers informed the audience that the event is not canceled, rather it is rescheduled in December. Noticeably, the event was expected to happen from March 31-April 01, it will now be expected to take place on December 09-10.

More so, the virtue outbreak continues and has taken a toll on several other functionalities. As a part of caution notice, blockchain companies and firms gave an exception to their workforce to work remotely. For instance, a report earlier stated that the vice president at ZB Group, Aurora Wong said that the Coronavirus outbreak “has caused psychological stress on people” and continued;

“While many cities are not technically in lockdown, it is definitely not encouraged to come out for our own health and the whole society to get the epidemic under control.”

More on the events and conferences, Bitcoin 2020 which was originally planned for two days at the end of March 2020, is now postponed to the third quarter of 2020. The event organizer, BTC Inc., informed that those who have already purchased tickets are encouraged to attend the rescheduled event with the same ticket. However, it has also noted that some attendees could receive refunds. The statement shared by BTC Inc CEO David Bailey said that;

“Our standard policy is that all ticket sales are final, however, this is a unique circumstance. We think you’re going to love the new Bitcoin 2020 event and ask that all registered attendees wait until updated details are announced before requesting a refund,” Bailey wrote. “For any attendee that is unable to participate in the new event, we will work with you individually.”

Moreover, in a statement published by the “DC Blockchain Summit”, the organizers announced that the event will not be taking place this March. While no further details have been published yet, the organizer, however, ensured that they are working on finalizing a new date for the event.