In 2020, China made history by launching the Central Bank Digital Currency, making the digital Yuan the first of its kind. The digital Yuan has experienced substantial success, which pushed the Chinese government to expand its use on a broad scale. By 2022, Chinese officials hope to expand the digital Yuan’s usage across the nation. Several crypto analysts believe the COVID-19 pandemic paved the way for blockchain’s recent integration into centralized banking platforms.
India seemingly plans to follow China’s footsteps by releasing the digital Rupee. It isn’t clear whether India will start a digital Rupee system anytime soon, but India’s Reserve Bank is toying with the idea. Recently, India has considered introducing blockchain-powered voting systems for elections. Private digital currencies will likely be banned after the parliament explores budgeting sessions.