Canada moves to shore up economy with an emergency rate cut

With COVID-19 declared by the World Health Organization as a global pandemic, the whole world

Canada moves to shore up economy with an emergency rate cut

With COVID-19 declared by the World Health Organization as a global pandemic, the whole world, not just Canada, faces the repercussions of the virus. Not only does the virus pose health hazards to communities, but the global economy also faces the threats of crashing stock markets, impending recession, food shortages, rising death tolls, and the like. As infected rates grow higher, so does the world become more volatile. There is much uncertainty amid the virus, and things are bound to get worse before they get any better.

What the Digital Charter Can Do for Canada

Created to ensure the protection of every Canadian online, the Digital Charter features measures aimed to foster a healthy digital economy. During these trying times, the Digital Charter can be used to develop and promote technologies that could create a positive impact on the people. Amid the need for self-isolation and social distancing, the Charter can be used to assure Canadians that they are still protected and that their safety and wellbeing is always of the highest priority of the Canadian government.

How the Canadian Government Can Help the Country’s Business Industry

The Canadian business industry is another vulnerable sector of Canadian society in the face of the pandemic. Businesses become crippled as members of the workforce become afflicted with the disease. Moreover, work operations are coming to a halt due to the spread of COVID-19, so are companies thrown into an unstable ground that could crumble anytime as more casualties arise.

The Canadian government must offer financial support to those industries most affected by the virus. Apart from just releasing guidelines on staggered work hours, work from home policies, and better sick leave policies, the government must take this as an opportunity to examine the weaknesses of the Canadian business industry and find ways to strengthen these from within. Keeping a close watch on the health of Canadian businesses may also be beneficial in preventing further collapse that could lead to a disastrous recession.

The Canadian government is well-known for its appropriate reaction to the times of financial crisis. The same scenario happened back in 2008 when the government did everything to stimulate the business industry. After a few years, Justin Trudeau became the prime minister and he promised one thing - creating a digital economy that no financial crisis can harm. The digital charter was the legal promise from Justin Trudeau’s team to Canadian people. Since 2016, the Canadian government is stimulating online businesses including the gaming sector. Furthermore, the iGaming sector was the first to have the positive effect of the digital charter in Canada. Online casinos and betting venues were on the first cycle of the digital revolution. The main goal of the digital charter was to create liberal legislation for the online business sector. The same happened in Estonia (EU member) and that’s a successful example. The Canadian government followed the same footprints and the first cycle of the digital revolution impacted on iGaming sector. First of all, casino websites were allowed to receive and send a transaction in different currencies. Along with the crypto movement, local online casinos got the right to allow gamers to manage casino funds into the cryptocurrencies. Canadian casinos allowing gamers to play blackjack online for real money added Bitcoin and Ripple as the alternative payment method. Crypto allowance has changed the iGaming industry in Canada and in the last two years industry is on the verge of big success.

Why Canadians are Afraid of COVID-19

The situation is looking particularly glum for Canada with a double-edged sword aimed at its chest, figuratively speaking. Apart from the virus, Bank of Canada unexpectedly announced another interest rate cut, following its recent 1.25 percent decrease in earlier weeks.

Canadian policymakers made this uncharacteristic move as a conscious attempt to remedy the effects of the virus, the recent steep drop in oil prices, and the country’s unhealthy financial markets. This surprising turn signifies just how dangerous things are getting as a result of the COVID-19 outbreak, and how the ongoing crisis is affecting everyone.

Furthermore, public health officials are urging all Canadians to take all the necessary measures to slow the transmission of the virus. A National Post report says new research shows the spread of the infection becomes more difficult to track down as some of those infected are not showing any symptoms.

More than economic turmoil, Canadians are most fearful for their health and safety. The virus is continuously claiming lives all over the world, and no citizen would ever want that to happen to them or someone they know. And with outbreaks occurring in various Canadian cities, it’s time for the people to stop obsessing over hoarding packs of toilet paper. It’s time for them to get serious about protecting themselves against the severity of the COVID-19 pandemic.

John Thunberbold

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