The People's Bank of China (PBOC) implemented measures to ensure that there would be sufficient cash supplies to meet the economy's demand for cash in terms of material needs and salaries.
China's central bank also urges the use of reasonable allocation of cash resources amid the Wuhan coronavirus outbreak especially in residential communities, hospitals, and other emergency construction projects ongoing in Wuhan.
The PBOC also took measures to disinfect its cash storage and other business-handling sites as per guidelines for a sanitary and safe environment. Furthermore, the Chinese online payment clearinghouse NetsUnion Clearing Corporation also urged the use of a 'green channel' to manage the flow of funds connected with the fight against the viral epidemic.
In an official statement, the NetsUnion claimed that the company can ensure smooth payment and settlement of accounts including the transfer of various funds for donation purposes.
Foreign-funded companies have also donated more than 740 million Yuan or 107 million USD in cash and goods into the country. The donations were part of the fight against the spread of the coronavirus and to alleviate its effects by providing a supply of cash to health institutions.
Last Wednesday, over 120 foreign-funded companies have aided China in its fight against the epidemic. About 472 million Yuan in cash came in while 268 million worth of basic necessities were also donated. According to the executive vice president of the China Association of Enterprises with Foreign Investments (CAEFI) Cao Hongying, the numbers were mere estimates and that the total donations may have exceeded their statistics.
This week, the CEO and founder of non-custodial crypto lender DeFiner Jason Wu revealed that he had to cancel his meetings with crypto clients due to the epidemic. He was set to take a 10-city tour with his potential clients, but nobody wanted to risk exposure to the deadly virus.
China has been recognized as a crypto investment hub having the most exchanges in Asia. It has yielded about 40 percent of the world's top 50 companies engaged in cryptocurrency. Hence, Wu claimed that the disruption of business could have a negative impact on crypto prices.
Nevertheless, Pymnts reported that there had been a record high of illegal transactions involving cryptocurrency in recent weeks. The said transactions were linked to drug sales and ransomware cyberattacks.
It was then revealed that about one percent of all Bitcoin transactions have been linked to illegal activities. Although the rate is not significantly high, the report claimed that it is double the illegal transactions in 2018.
