While the Corona Virus continues to spread rapidly, people continue to look for ways to combat this epidemic. Authorities in Italy canceled several events to prevent the spread of this epidemic, Chinese authorities quarantined a huge city.
The Federal Reserve acted to slow this epidemic’s entry into the United States.
The World Health Organization recently issued a warning about the use of banknotes and stated that the virus can also be transmitted by direct money contact. The World Health Organization then invited people to use contactless payment methods.
Chinese and South Korean officials have recently begun to quarantine their own banknotes and disinfect them. The reason for this is, of course, to reduce the rate of spread of Corona virus and thus control the outbreak.
A similar move, though not exactly the same, now comes from the Fed. The Fed will quarantine banknotes from Asia before re-circulating in the U.S.
Since the US Dollar is used as a reserve currency today, it is the most distributed currency in the world. According to Fed data, 1.75 trillion dollars of cash travel around the world. It should be reminded that a very serious part of this money is kept in Asia, not in the USA.
According to the Fed’s statements, regional Fed branches will quarantine money shipments from Asia for 7-10 days. After this process is over, these banknotes can be recirculated.