It has been seen that the policymakers are worried about the very fact that the huge global reach of Facebook`s Libra cryptocurrency. And this creates an opportunity for multiple new people into the greater crypto sector. It may be good to expand the larger Digital Yuan and cryptocurrency but on the other hand, there will have some opposing effects on the traditional financial systems. It offers a great change to the people who lost their jobs in the COVID-19 pandemic situation to make their attention towards cryptocurrencies. This plays a reflected role in the growth of trading volumes on this kind of exchange as bitcoins.

Ø The impact of quarantine and emergency can be seen in the spreading of cryptocurrencies in almost all Latin America. Due to this, the volume of local bitcoins in Peru is approximately increased by 30%, on the other hand in Colombia it is increased by 15%. And in the ranking of leaders in business volume in the year 2019, it was the country Argentina that can gain a foothold on the local bitcoin platform.

Ø Additionally, there is an increase in the growth of trading volume on the exchange, as a result the number of customers or users of cryptocurrency wallets regularly increases. And this flow allows the latter to conclude collaborations and expand the list who supported crypto currencies. Nowadays all kinds of transaction work can be done by smartphones, that`s why there is an increase in demand for cryptocurrency. This is the power of cryptocurrency to replace your debit and credit card in the future.

Ø It is obvious that the present situation opens up new chances for financial instruments as the trading volume and is increased for cryptocurrencies. In the past, there was no such kind of chance of completing with worldwide payment systems.

Ø From the previous record, it can be concluded that the number of commercial payments increased by 104% in one of the most popular crypto wallets. As new technologies are developed every day, it becomes a record keeping register system. And has not been prepare to gain the expected exposure. No of social media users is increases day by day due to the high demand for advertising methods are done by these social apps like Facebook, Instagram, and YouTube.

Ø Probably will have some opposing effects on the old-style economic systems while it'd be good to develop the larger crypto industry. Instead, they'll demonstrate pride within the monetary freedom presented by the entire new interest called the virtual currencies and, therefore, the cryptocurrency exchange platforms.

Final words

According to some experts that in the coming time or nearest future Facebook`s cryptocurrency might pull towards a totally modern foundation of crypto traders. And the traders might not have any account a bit like the elder everyone wants to have in traditional banks. The final report is that the bright side of Facebook's entry is meant to recover individuals' interest across the world in digital currencies. If you want to know that who to invest in cryptocurrency then the Yuan Pay group is always with you.