covid-19 - 19.03.2020

Tezos Ukraine COVID-19

We have prepared a statement on Covid-19 and told about the future plans of the organization.

Measures: Adequate Reaction And Opportunities For Digital Currency

For the last four generations since the Great Depression, the world hasn’t seen such economic and health disasters all across the world that compounded in just several months. Financial markets fall rapidly, making the world shift into recession, while COVID-19 steadily gets into many countries provoking even harsher pandemic. It can be definitely said that all systems are on the brink of collapse, but the question remains unanswered — can we do something about it now?

Ukraine And Other Countries

The pandemic that was caused by COVID-19 has shown how vulnerable our economies and countries are, triggering enormous losses of human lives and making our systems paralyzed at all levels. At the moment of writing this material more than 160 countries were infected with coronavirus, reaching 218,827 in confirmed cases, 8,810 in deaths and 84,121 in recoveries. Many cities globally got shut down for quarantine with a desire to stop the spread of COVID-19, but regardless of these measures, many European countries show exponential growth in infected people.

At a macro level, quarantine already provokes businesses to halt their operations, due to the fact that supply chains get dramatically damaged, making physical delivery of goods harder. The trade operations between countries are stuck amid border enclosures and additional precaution measures. All factors mentioned above lead to the inability of many businesses to cover necessary financial liabilities, that in the end may provoke considerable loss of workplaces everywhere.

Financial Situation

Luckily, Ukraine has taken adequate measures to prevent the COVID-19 from further spread by putting cities on the quarantine, closing subways, restaurants, and other public places. It allowed our country to cut down dramatically the number of infections, but at the same time, there’s another economic issue that we can’t cope with. In order to run all trading operations smoothly, a country has to have constant access to a foreign currency such as the dollar.

Recently, many banks across Ukraine have declared that they physically don’t have cash currency to fuel the operations of businesses, because of the high demand during the last two weeks that accounts for 300 million purchased dollars. Border enclosures across the world don’t allow Ukraine to transport fiat through airlines like it used to do, making the dollar very scarce while damaging the economy. In this regard, the national CBDC based on the blockchain technology could resolve a variety of different problems, allowing the country to continue operating stably.

CBDC As The Main Catalyst

By implementing the national CBDC, Ukraine could have the possibility to conduct financial operations without the need to rely on paper money. It means that enterprises, small businesses as well as individuals could have constant access to an electronic version of fiat currency, that can be used to pay for services, goods, and other commodities. Looking from the perspective of other countries on a global scale, it can be definitely said that by creating CBDCs governments can create a reliable financial system, where economies can work stably without any risks associated with global events such as COVID-19.

One of the most studied blockchain platforms for CBDC implementation can be considered Tezos, which can be slightly rebuilt and modified for the needs of banks and other financial institutions. From an economic standpoint, the implementation costs won’t be considerable due to already developed systems that can handle traditional monetary transactions well. Moreover, considering the fact that we are entering into recession, the CBDC can fuel the Ukrainian economy by cutting transactional overheads, while allowing seamless access to foreign economies

Tezos Ukraine Continues Its Operations

Like many businesses across the world, Tezos Ukraine decided to start working remotely in order to combat the coronavirus spread. We urge all companies globally to follow this example in order to avoid more COVID-19 cases, because the faster we can combat the virus, the easier it will be to rebuild the economy. Considering our team, we continue our operations, as usual, all our systems work stably and at the moment the COVID-19 doesn’t affect our activities in any way. We are also glad to announce, that we’ll be conducting much more online meetings, that will allow other people to join us.

We call upon companies to continue combatting COVID-19 with all resources they have so that we can avoid even harder economic situation both across traditional market and cryptocurrency. Tezos Ukraine believes that if companies and individuals cooperate and implement all necessary measures to fight back the virus, we can have a more stable economic and social situation faster.

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