Unfortunately, the pandemic is far from being over and we do not know the full impact of it just yet. However there might be more, longer terms impacts as well and not all of them are negative.
It is almost as if the pandemic was the catalyst of our time, which will eradicate obsolete and non functional process, thinking and rules. Like the asteroid did with dinosaurs.
Outdated financial system
We are currently living in an outdated and centralized financial system. This system also suffered in a pandemic because it was not prepared for such a situation at all. All the processes that had worked until then had collapsed. It started with the home office of employees who lost access to bank systems – outdated infrastructure. Before the pandemic, communication with customers was monitored. This was not possible while working from home.
The work firewall did not allow logins from home computers, so people had to have another work computer from workplace. The option was not even for mobile phones. Work processes could not allow workers to use their mobile phone for work.
“Positives” of the pandemic
The pandemic also had a positive impact on many workers. Many companies now offer home office as one of the labor standards, and a pandemic has ushered in a new era of labor benefits. Banks worked in a cloud mode, which they resisted for many years. And they were forced to admit that the cloud is more secure than established workflows and their own infrastructure.
At the same time, banks began working on the CBDC. Although they were resisting digital currencies for a long time, they have found that this is the right way to go. They can no longer avoid this progress and must accept it and work on it.
People are using cash less and less, the transition to digital currency is inevitable.
Digital currencies are the future of money
The debate on CBDC is revived. New York has recognized Fidelity as a credible bank, which is a step forward. This initiative is not directly related to the pandemic, but came at an opportune time to address this situation.
China is working hard on CBDC research and is ready to present it once the research is complete.
People are using various forms of digital currencies more often now, getting used to the idea that money can be only in a digital form.
The transition to digital money is inevitable. There is a future of money in the digital world. Now we all have great opportunity to learn how digital currencies work, how to use digital money safely, how to avoid security risks and even how to trade and profit from digital currencies.