The ongoing COVID-19 pandemic has undoubtedly confronted the whole world with an unprecedented challenge, but, at the same time, it has turbocharged a financial technology (Fintech) revolution worldwide. COVID-19 is changing consumer behavior, quite likely forever, and the banking and financial services industry urgently needs to adapt. Digital transformation has quickly become the top priority for those countries not wanting to be left behind. One of the areas that has boosted these last few months is that of Central Bank Digital Currencies (CBDCs).
In the article, The Digital Rupee: An Important Tool to Promote Financial Inclusion, Dr. Oriol Caudevilla explores India’s journey towards CBDC in relation to other Asian countries.