Lila Ruzaini From Glitzkoin, On The Effects Of The Coronavirus On Cryptos

The coronavirus that is believed to have originated in Wuhan (China), has sent a scare through almost every nation. Most business including airlines, hotels and the entertainment sector entities realize that, measures and precautions being implemented to tackle the health hazard – could negatively impact their business. 

Lila Ruzaini, Business Development Manager at Glitzkoin, has done commendable work in the sphere of social work and public health. Besides managing the ‘Diabetes Awareness Event’ sponsored by Glitzkoin in Malaysia, Lila has also represented Glitzkoin at the NK Fashion Week London. Glitzkoin sponsored the participation of Madeline Stuart, the first supermodel to have Downs Syndrome, at the show. 

With the health threat unleashed by the coronavirus, likely to affect business and economies, we asked Lila about the negative impact that this could have on crypto markets. In her words, ‘… while we all hope that the threat of the virus will be controlled and contained, there is the possibility of it spreading rapidly and crossing several geographical boundaries. If this does happen, we will see a disruption of regular life and business. Having developed into a commercial industry, cryptos will undoubtedly bear a share of the brunt’.

When asked whether there was something specific, that the crypto world could do to help reduce the negative impact of the corona virus, the Glitzkoin manager had this to say – “ the spread of the corona virus and the scare was so rapid that, few of us could get our thoughts together. According to press reports, Changpeng Zhao the CEO of crypto exchange Binance, has lent a helping hand to the efforts being made to contain the spread of the coronavirus. We can all in our own little way, ensure that we protect ourselves and our loved ones as far as possible, from contracting and spreading the virus’.

In our final question to Lila Ruzaini, we asked her whether the coronavirus issue would, have an effect on crypto prices in general. She had an interesting answer, ‘… it has become a fashion to observe crypto prices and then, attempt to connect them to the happening or not happening of a specific event. We have seen these attempts in the past, they were proved wrong but, crypto media loves to dish out sensations as often as possible’.

The good thing about crypto trading is that, it can technically be conducted from any point on the globe and does not require travel to a specific work place.  The risk of contracting and spreading the coronavirus, increases dramatically when people have to travel more and make physical contact. We might see a drop in the number of seminars and meetups being organized, related to blockchain and cryptos. This would be an advisable move as it, cuts off the need to travel and assemble many people at one location. 

In any case we all hope that, the threat of caused by the coronavirus will not widen out of control in terms of geographical areas and severity. Staying safe also means avoiding unnecessary travel and reducing scenarios, where a large number of people are required to be present at a meet or event 

GLITZKOIN: Glitzkoin is developed on the Stellar blockchain. The project includes the multifaceted GTN token that currently trades actively on 3 crypto exchanges (Cointiger,  Stellarport and Dobitrade). Glitzkoin makes a direct connect to the multibillion dollar diamond industry. The project is promoted by second generation diamond veteran Navneet Goenka, it aims to improve productivity and market scope for the glittering industry. A comprehensive diamond trading platform (DiaEx) is part of the project, it supports both B2B and B2C trade in diamonds. As mentioned above GTN is traded by crypto traders on three exchanges, it is also designated as the mode of payment on DiaEx. 

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