The development and Adoption of Digital Currencies in Asian Countries

Abstract

A growing number of countries are shifting to cashless payment systems, but this requires investment in digital infrastructure to achieve it. The evolution of the digital payments industry that occurred globally during the COVID-19 pandemic is irreversible. The use of real-time contactless payments has become a public health measure aimed at reducing the risk of transmission of the virus, and there is no sign of the post-pandemic changes. This applies not only to traditional or large companies. All over the world, governments facilitate expanding real-time transaction capabilities, public transport networks are upgrading their systems so they can accept them, and small businesses are taking advantage of this flexibility. In the article, the author examines the introduction of digital currencies into the global economy, in particular in developing countries, using the practices of such countries as China, India, Singapore and Indonesia.