The global economy was one of the great victims of the coronavirus crisis. What will face a recession in 2020 of a magnitude that hasn’t been seen since Crack ’29. This includes major powers like the United States and China, which are likely to face a decline in their GDP. Reason why Changpeng Zhao comments that China will use blockchain to regain its growth in our country Tweet of the day:
Will China bet on blockchain?
A common comment in recent days about the coronavirus is that the disease born in Wuhan has accelerated history. Making trends that were previously only visible on the horizon are becoming topics on the current agenda. Including some of the technologies of the fourth industrial revolution, such as artificial intelligence and blockchain, that were just getting started.
However, if the world wants to recover from the economic shock that the pandemic has exposed it must take advantage of the value that technologies like blockchain offer. This can serve as the basis for building more efficient and productive economies around the world.
China knows that very well. And the fact is that the Asian giant had invested heavily in blockchain, automation, 5G and other technologies even before the crisis broke out. Aiming to use them to boost their economy, a process that is now becoming much more pressing.
Reason why Changpeng Zhao commented on his Twitter account that China will use blockchain to regain its growth:
“China is focusing on rebuilding its economy after the C19 pandemic, including an upswing for the blockchain-based economy.”
Along with this comment, Changpeng Zhao has reportedly included a link to an article that talks about the latest advances in the Chinese government’s virtual currency. This would illustrate his comment on the huge surge that blockchain could get from the Asian giant to help overcome the crisis caused by COVID-19.