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