With over 600 people dead and thousands of confirmed cases, it is not surprising that nations from all over the world are preparing for the wrath and ramifications of the novel coronavirus (nCoV). According to medical experts, this virus, which was first identified in Wuhan, China, attacks the respiratory system and causes a severe acute respiratory syndrome, kidney failure, pneumonia, and worst, death. Since the outbreak last December, nCoV has been affecting the lives and businesses of millions of people not only in China but as well as in the surrounding regions. And judging by the recent news in the crypto community, it appears clear that the industry has to take the necessary precautions as well.
The impact of nCoV in Asian crypto community
In Hong Kong, in particular, the government had decided to temporarily close its border crossings with China to contain the spread of the virus. Businesses are shutting down, as the pressures from the currently ongoing political protests had been doubled by the impact of the nCoV.
Just yesterday, the hosts of TOKEN2049, an annual crypto event in Hong Kong, announced that the conference would take place on Oct. 7-8 this year instead of mid-March. Notably, the team behind the event has been monitoring the global ramifications of the coronavirus, and they are taking the necessary precautions to combat any potential impact. However, they guaranteed in the announcement that everything in Hong Kong is under control.
Aside from significant crypto events being postponed for a much further date, a multitude of crypto companies in Hong Kong, such as Bitspark, are now preparing to cease operations, with a few who have already shut down their services. According to the official statement of Bitspark, aside from the virus and political unrest, they also have to undergo internal restructuring.
Binance, a major cryptocurrency exchange, had been quick to announce adjustments. Last Jan. 3, the company confirmed that its Blockchain Week to be held in Vietnam would have to be postponed to a further date. Notably, it was originally scheduled to take place from Feb. 29 to Mar. 4.
The exchange clarified that it would reimburse the payments sent by those who have registered early for the event. However, aside from extending their apologies, Binance still has to announce another date for the conference.
One fight against the deadly virus
Despite the fearful showcasing of its wrath, it appears that the coronavirus would not be able to break the crypto community apart. A number of Blockchain and crypto firms have come together as one to think of ways on how to combat this deadly epidemic. Changpeng Zhao, the CEO of Binance, recently announced that it would donate $1.5 million for the victims of the fatal virus in Wuhan.
Aside from China, there are confirmed cases of coronavirus in other Asian countries such as Hong Kong, Macau, Taiwan, Cambodia, Malaysia, Singapore, Thailand, and the Philippines, according to the World Health Organization (WHO).