It is now widely accepted that COVID-19 has catalyzed the digitisation of many aspects of work and life—including the handling of money. Touching physical cash is a potential health risk. Is the world on the cusp of replacing banknotes and coins with electronic forms of money?
Electronic money is efficient and convenient. It is also key to financial inclusion for two reasons. First, services to poor and remote areas can be made commercially viable when digitised instead of relying on physical networks. Second, because customer identities can be verified and creditworthiness measured through biometrics, user behaviour, and phone metadata when there is no formal bank statement or credit score available.
This makes digital currency an exciting prospect for both developed and emerging markets: Sweden and India may not have a lot in common, but both are charging full speed towards digitising money. Governments, financial institutions, technology companies, and e-commerce players all support efforts to go cashless.
So why is it taking so long?
India is a leading example of a government actively pursuing digitising money. Results have been mixed.
The government of Narendra Modi made headlines in 2016 with its attempt to demonetize the country by banning commonly used notes. Although this spurred growth in digital wallet accounts, hundreds of millions of people suffering from a surprise liquidity crunch. Coercion proved an unwise course.
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