A Comparative Analysis of Global Central Bank Digital Currencies

The current study aims to describe and analyse the digital currencies issued by 11 countries across six continents. The paper also aims to create a base for the initiation of a digital currency. With cryptocurrency posing certain threats, Central Bank Digital Currency (CBDC) may emerge as a safe alternative. The Atlantic Council report states that nearly one hundred countries in the world are exploring the possibility of introducing CBDCs and at the same time, 11 countries have fully launched CBDCs. In this context, the present study takes a comparative approach, and focuses on the need and rationale for CBDCs as stated by different countries, their implementation mechanisms, current status, adoption rate, initiatives taken to create awareness among citizens, and emerging lessons. The study is descriptive in nature and is based on secondary data drawn from publications by the Central Banks of the countries, the International Monetary Fund (IMF), the World Bank, the Atlantic Council CBDC tracker, Research Papers and newspapers /online websites, etc.