Central Bank Digital Currency (CBDC):A Comparative Conceptual Review of India and Global Economies

Sovereign digital money is becoming a policy reality in economies at every level of development, rather than just a theoretical idea. By comparing India's e-Rupee project with initiatives in China, the European Union, the United States, the Bahamas, Nigeria, and Sweden, this study examines the conceptual, technological, and macroeconomic aspects of Central Bank Digital Currencies (CBDCs). Based on an interdisciplinary evaluation of current research (Agur et al., 2022; Cunha et al., 2021; Kosse & Mattei, 2023), the study unifies regulatory ideologies, architectural decisions, and disparate national agendas into a single analytical framework. A sizable body of research warns against underestimating privacy erosion, disintermediation pressure on commercial banks, and growing cyber threats (Tronnier & Qiu, 2024; Wenker, 2022; Vucic & Luburic, 2022), despite the transformative promise of CBDCs encompassing monetary policy precision, payment system modernization, and financial inclusion (Yang & Zhou, 2022; Echarte Fernandez et al., 2021). With India serving as the main reference case, the study summarizes these conflicts and suggests a five-pillar governance architecture adapted to the circumstances of rising market countries.

Central Bank Digital Currency, e-Rupee, Digital Money, Reserve Bank of India, Financial Inclusion, Monetary Policy, Blockchain, Fintech.

1. Giraldo-Gordillo, F. E., & Bustillo-Mesanza, R. (2025). The effects of CBDCs on mobile money and outstanding loans: Evidence from the eNaira and Sand Dollar experiences.. FinTech, 4(3), 39. https://doi.org/10.3390/fintech4030039 [Google Scholar] [Crossref]

2. Mastromatteo, G., & Rossi, S. (2025). Central bank digital currencies: Much ado about nothing?. Review of Political Economy. https://doi.org/10.1080/09538259.2024.2445752 [Google Scholar] [Crossref]

3. Chang, H., Grinberg, F., Gornicka, L., Miccoli, M., & Tan, B. J. (2024). Central bank digital currency and bank disintermediation in a portfolio choice model.. IMF Working Paper No. 2023/236. International Monetary Fund. https://doi.org/10.5089/9798400261237.001 [Google Scholar] [Crossref]

4. Dionysopoulos, L., Marra, M., & Urquhart, A. (2024). Central bank digital currencies: A critical review.. International Review of Financial Analysis, 91, 103031. https://doi.org/10.1016/j.irfa.2023.103031 [Google Scholar] [Crossref]

5. Genc, H. O., & Takagi, S. (2024). A literature review on the design and implementation of central bank digital currencies.. International Journal of Economic Policy Studies, 18(1), 197–225. https://doi.org/10.1007/s42495-023-00122-8 [Google Scholar] [Crossref]

6. Kayani, U., & Hasan, F. (2024). Unveiling cryptocurrency impact on financial markets.. Journal of Risk and Financial Management, 17(2), 58. https://doi.org/10.3390/jrfm17020058 [Google Scholar] [Crossref]

7. Omotubora, A. (2024). Same naira, more possibilities!. Journal of African Law, 68(2), 245–262. https://doi.org/10.1017/S0021855324000044 [Google Scholar] [Crossref]

8. Reshidi, E. (2024). Central bank digital currency adoption: Inclusive strategies for intermediaries and users.. IMF Fintech Note 2024/005. International Monetary Fund. https://doi.org/10.5089/9798400272851.063 [Google Scholar] [Crossref]

9. Tronnier, F., & Qiu, W. (2024). Privacy concerns and CBDC adoption.. Quantitative Finance and Economics, 8(1), 126–152. https://doi.org/10.3934/QFE.2024006 [Google Scholar] [Crossref]

10. Vardoulakis, A. P. (2024). Financial stability implications of CBDC.. Finance and Economics Discussion Series 2024-021. Board of Governors of the Federal Reserve System. https://doi.org/10.17016/FEDS.2024.021 [Google Scholar] [Crossref]

11. Alsalmi, N., Ullah, S., & Rafique, M. (2023). Accounting for digital currencies.. Research in International Business and Finance, 64, 101897. https://doi.org/10.1016/j.ribaf.2023.101897 [Google Scholar] [Crossref]

12. Deng, H. (2023). Negotiating currency internationalization: An infrastructural analysis of the digital RMB.. Finance and Society, 9(2). https://doi.org/10.2218/fas.2023.2 [Google Scholar] [Crossref]

13. Gupta, M., Taneja, S., Sharma, V., Singh, A., Rupeika-Apoga, R., & Jangir, K. (2023). Does previous experience with the unified payments interface (UPI) affect the usage of central bank digital currency (CBDC)?. Journal of Risk and Financial Management, 16(6), 286. https://doi.org/10.3390/jrfm16060286 [Google Scholar] [Crossref]

14. Helmi, M. H., Çatık, A. N., & Akdeniz, C. (2023). The impact of central bank digital currency news on the stock and cryptocurrency markets.. Research in International Business and Finance, 65, 101968. https://doi.org/10.1016/j.ribaf.2023.101968 [Google Scholar] [Crossref]

15. International Monetary Fund. (2023). Central bank digital currency: Initial considerations.. IMF Policy Paper No. 2023/048. https://doi.org/10.5089/9798400246280.007 [Google Scholar] [Crossref]

16. Keister, T., & Sanches, D. R. (2023). Should central banks issue digital currency?. Review of Economic Studies, 90(1), 404–431. https://doi.org/10.1093/restud/rdac016 [Google Scholar] [Crossref]

17. Kosse, A., & Mattei, I. (2023). Central bank digital currency: What factors determine its adoption?. Economic Policy, 38(114), 199–254. https://doi.org/10.1093/epolic/eiac011 [Google Scholar] [Crossref]

18. Sethaput, V., & Innet, S. (2023). Blockchain application for CBDCs.. Cluster Computing. https://doi.org/10.1007/s10586-022-03962-z [Google Scholar] [Crossref]

19. Tan, B. J. (2023). Central bank digital currency and financial inclusion.. IMF Working Paper No. 2023/069. International Monetary Fund. https://doi.org/10.5089/9798400238277.001 [Google Scholar] [Crossref]

20. Xia, H., Gao, Y., & Zhang, J. Z. (2023). Adoption context of China’s digital currency.. Financial Innovation, 9, 63. https://doi.org/10.1186/s40854-023-00467-5 [Google Scholar] [Crossref]

21. Agur, I., Ari, A., & Dell’Ariccia, G. (2022). Designing central bank digital currencies.. Journal of Monetary Economics, 125, 62–79. https://doi.org/10.1016/j.jmoneco.2021.05.002 [Google Scholar] [Crossref]

22. Bodó, B., & Janssen, H. (2022). Maintaining trust in a technologized public sector.. Policy and Society, 41(3), 414–429. https://doi.org/10.1093/polsoc/puac019 [Google Scholar] [Crossref]

23. Chen, H., & Siklos, P. L. (2022). Central bank digital currency: A review and some macro-financial implications.. Journal of Financial Stability, 60, 101030. https://doi.org/10.1016/j.jfs.2022.101030 [Google Scholar] [Crossref]

24. Huang, Y., & Mayer, M. (2022). Digital currencies, monetary sovereignty, and U.S.–China power competition.. Policy & Internet, 14(2), 324–347. https://doi.org/10.1002/poi3.302 [Google Scholar] [Crossref]

25. Oh, E. Y., & Zhang, S. (2022). Informal economy and central bank digital currency.. Economic Inquiry, 60(4), 1520–1539. https://doi.org/10.1111/ecin.13105 [Google Scholar] [Crossref]

26. Ozili, P. K. (2022). Circular economy and central bank digital currency.. Circular Economy and Sustainability, 2, 1501–1516. https://doi.org/10.1007/s43615-022-00170-0 [Google Scholar] [Crossref]

27. Peneder, M. (2022). Digitization and the evolution of money.. Journal of Evolutionary Economics, 32(1), 175–203. https://doi.org/10.1007/s00191-021-00729-4 [Google Scholar] [Crossref]

28. Reserve Bank of India. (2022). Concept note on central bank digital currency.. Mumbai: RBI. [Google Scholar] [Crossref]

29. Vučić, M., & Luburic, R. (2022). Fintech, risk-based thinking and cyber risk.. Journal of Central Banking Theory and Practice, 11(2), 27–53. https://doi.org/10.2478/jcbtp-2022-0012 [Google Scholar] [Crossref]

30. Wenker, K. (2022). Retail CBDC and financial privacy.. FinTech, 1(4), 345–361. https://doi.org/10.3390/fintech1040023 [Google Scholar] [Crossref]

31. Yang, J., & Zhou, G. (2022). CBDC influence on monetary policy.. PLOS ONE, 17(7), e0268471. https://doi.org/10.1371/journal.pone.026847 [Google Scholar] [Crossref]

32. Cunha, P. R., Melo, P., & Sebastião, H. (2021). From Bitcoin to central bank digital currencies: Making sense of the digital money revolution.. Future Internet, 13(7), 165. https://doi.org/10.3390/fi13070165 [Google Scholar] [Crossref]

33. Echarte Fernández, M. A., Nanez Alonso, S. L., Jorge-Vázquez, J., & Reier Forradellas, R. F. (2021). Central banks’ monetary policy in the face of the COVID-19 economic crisis: Monetary stimulus and the emergence of CBDCs.. Sustainability, 13(8), 4242. https://doi.org/10.3390/su13084242 [Google Scholar] [Crossref]

34. Nanez Alonso, S. L., Jorge-Vázquez, J., & Reier Forradellas, R. F. (2021). Central banks digital currency: Detection of optimal countries.. Journal of Open Innovation, 7(1), 72. https://doi.org/10.3390/joitmc7010072 [Google Scholar] [Crossref]

35. Zhang, J., Tian, R., Cao, Y., Yuan, X., Yu, Z., Yan, X., & Zhang, X. (2021). Hybrid CBDC model based on blockchain.. IEEE Access, 9, 53589–53602. https://doi.org/10.1109/ACCESS.2021.3071033 [Google Scholar] [Crossref]

36. Dashkevich, N., Counsell, S., & Destefanis, G. (2020). Blockchain application for central banks: A systematic mapping study.. IEEE Access, 8, 139918–139937. https://doi.org/10.1109/ACCESS.2020.3012295 [Google Scholar] [Crossref]

37. Nanez Alonso, S. L., Jorge-Vázquez, J., & Reier Forradellas, R. F. (2020). Detection of financial inclusion vulnerable rural areas.. Sustainability, 12(18), 7480. https://doi.org/10.3390/su12187480 [Google Scholar] [Crossref]

38. Hrvatska narodna banka. (2019). Cashless society – The future of money or a utopia?. Journal of Central Banking Theory and Practice, 8(3), 53–66. https://doi.org/10.2478/jcbtp-2019-0026 [Google Scholar] [Crossref]

39. Barrdear, J., & Kumhof, M. (2016). The macroeconomics of central bank issued digital currencies.. Bank of England Staff Working Paper No. 605. [Google Scholar] [Crossref]

• Performance Analysis of Silicon PV Array Using Infrared Thermography and Detecting Temperature Non-Uniformities
• Dynamic Capabilities and Digital Transformation Performance: The Role of Organizational Agility in the Public Sector
• Comparative Effectiveness of Neural Mobilization Versus Positional Release Technique in Cervical Radiculopathy – An Experimental Study
• Soil Moisture Mapping of Solano Nueva Vizcaya: A Comparison and Review
• Silent Assistance for Emergencies (SAFE): A Mobile-Based Emergency Reporting Application for the Deaf and Mute Community