The developers of the coin arranged it so that the value of the coin would diminish every two days based on the rate of new cases. That suggests that the price could move higher depending on how many people die from the virus.
The coronavirus has gone global, with six new countries reporting their first cases as of last week. The World Health Organization has raised its global spread and impact alert to “very high.”
The virus emerged in China in December 2019, and since then has spread at a rapid rate. It has caused deaths by the thousands, illnesses at even higher rates, and has set off a blaze of uncertainty and chaos in world financial markets.
Total supply for the CoronaCoin is based on world population, and tokens will be burnt once every 48 hours depending on how many people have been infected or died.
Meanwhile, an omnibus bill intending to reform U.S. cryptocurrency regulation is likely dead on arrival, according to CoinDesk.
The bill, introduced Monday (March 9) by Rep. Paul Gosar of Arizona, provides “insight” on what a new law to govern digital currencies could eventually look like.
The discussion draft included contributions from Marshall Hayner of Metal Pay and Erik Finman, an investment fund runner who became a millionaire from bitcoin before he turned 18.
The Crypto-Currency Act of 2020 would have defined categories of digital assets and clarified which federal agencies would oversee each one. The bill would have provided clarity and legitimacy to cryptocurrency in the U.S., according to a legislative assistant to Gosar.
However, regulatory concerns still hang over the issue like a cloud, with conventional investors tending to shy away from the form.