Research on the Development of Digital Currencies under the COVID-19 Epidemic

Abstract

In recent years, with the rapid growth of global non-cash transactions, digital currencies have booming development and gained wide attention in the industry. The COVID-19 outbreak in 2020 has a positive impact on stimulating the rapid development of digital currencies, which magnifying the effect of monetary policy, increasing the vulnerability of the financial system, and posing challenges to the regulatory framework and cyber security. On the basis of literature review, this article analyzes the development history, operational logic and existing problems of Libra Coin, discusses the impact of COVID-19 epidemic on the development of digital currencies from the pros and cons, and puts forward some suggestions.