Impact of fintech on central bank digital currency (CBDC) implementation: an empirical investigation on the development stages

This article investigates the role of fintech in shaping the development stages of Central Bank Digital Currency (CBDC) projects across 64 countries. Using a panel random-effects ordered logit model (2017–2020), we document strong empirical evidence that fintech-led digital capital raising is positively associated with progress in CBDC initiatives. Our results also highlight the importance of network readiness, financial literacy, and government digital capacity. These findings offer strategic implications for policymakers aiming to balance innovation and governance in digital currency development.