Emergence of CBDCs in the Global Financial Market

October 14, 2025October 14, 2025 admin 0 Comments BANKING, BIS, BlockChain, CBDC, Central Bank, cryptocurrency, digital currency, digital finance, digital payments, Digital rupee, E-rupee, Economy, FINANCE, Financial Inclusion, Fintech, fintech innovation, India, Monetary Policy, rbi, REGULATION, UPI

The global financial landscape has recently undergone significant transformations, with a notable focus on Central Bank Digital Currencies (CBDCs), often dubbed as digital counterparts to traditional currencies. This concept has garnered international interest, leading to discussions on technical feasibility, design considerations, reasons for issuance, and implications associated with CBDCs. The Bank of International Settlements (BIS) defines CBDCs as “a digital form of central bank money that is different from balances in traditional reserve or settlement accounts” (Central bank digital currencies, 2018). After a long history of fiat money, from shells to gold to paper currency, CBDCs stand next in line in this evolution; CBDCs are a potentially new form of fiat money that could revolutionize the way we use money since it is distinct from physical cash or reserve/settlement accounts.

The landscape of payments is changing rapidly. In recent years, many proposals for digital money have appeared to facilitate a better alternative of cash and a few systems are already in operation. Covid-19 pandemic have pushed the digital uses in the world in general and particular in India. Which ultimately has led to an increase in the demand of a digital currency. A technological revolution is underway with the rise of blockchain and the simultaneous development of crypto currencies and mobile payment systems. Virtual cash is seen as a double-edged sword, mainly because of its fundamentally transnational character. It holds promise as there are efficiency gains to be had in terms of tapping unexplored commerce and investment avenues. Monetary and financial transactions could be boosted by the ease of access and the sheer resilience of the technology. The transition also presents enormous potential in the sphere of policy. Governments have been grappling with issues like financial data security, tax evasion and money laundering, and the likelihood of disturbances in money supply and exchange rates. In the Indian context, the currency in circulation has more than doubled from Rs 13.35 lakh crore in March 2017 to Rs 35.15 lakh crore in March 2024. The currency in circulation has happened despite the central bank deciding to withdraw the Rs 2000 denomination banknotes from circulation from May 2023, which has resulted in the central bank getting 97.83 percent of Rs 3.56 lakh crore worth notes back into the banking system.

Cryptocurrencies and Money

A cryptocurrency like bitcoin is a cryptography-based software protocol that allows peer-to-peer transfer of “values” without any financial intermediary such as banks. To be considered as a “currency” or even as a digital medium of payments like bank deposits, there has to be a “unit” and a well-defined process of “issuance”. The beauty of the cryptocurrencies like Bitcoin is that its issuance process is also part of the protocol. Although the original protocol of Bitcoin has put a limit to its issuance in terms of number of units, there is no inherent technical reason for enforcing such a ceiling on issuance process. For example, Ether, the second largest cryptocurrency by market cap, has no such limit. This is not necessarily a handicap for Bitcoin, as it can be divided into any number of smaller values. Today the smallest unit is called Satoshi, 100 million of which adds up to one bitcoin. However, a limit to issuance is a desirable attribute for those who are ideologically opposed to a state’s power to issue a fiat currency without limit. Technologically, cryptocurrencies are based on four basic technologies of which three have been known to the software community for long: Public Key Cryptography, Consensus algorithm for a distributed peer-to-peer computer network and one-way hash function. The fourth pillar of technology underlying cryptocurrencies is the Blockchain technology for keeping account of all payment transactions.

Motivation behind CBDCs

A fully functional CBDC has never been implemented anywhere, partly because of technological handicaps. Hence, given the absence of empirical data, it is difficult to estimate the true costs associated with such a transition. Gauging the efficacy of monetary policy under such conditions is another big challenge. Naturally, the official views on issuing CBDCs in light of these uncertainties have been mixed so far. Yet four-fifths of all central banks are said to be involved in researching options for designing suitable CBDCs. Early on, central bankers were hesitant but growing familiarity with the idea has helped. According to a report by the Bank for International Settlements, central bankers around the world are growing more optimistic about the eventual efficacy of CBDCs.

Central banks and governments have been paying close attention to these developments. The desirability of CBDCs is understandable in this context. But central banks, first need to ensure the integrity of their networks to facilitate the gradual shift away from cash. Countries like China and The Netherlands have already started experimenting with their digital fiat albeit on a limited scale. Sweden is likely to follow suit with its e-krona. A US Fed coin issued as the digital greenback is also thought to be on the cards and The European Central Bank (ECB) appears excited as well.

The shift from public fiat money to electronic and private money has opened a plethora of opportunities. At the same time, it has also posed challenges to the definition and traditional form of money, the role of central banks and financial intermediation model. Last year, Bank of England published a discussion paper titled, “Central Bank Digital Currency (CBDC): Opportunities, Challenges, and Design”, while on the other side of the Atlantic, two Congressional Bills pushed for ‘Digital Dollars’. In the year 2022, Reserve Bank of India, in one of its monthly bulletins published an article elaborating on the role of distributed ledger technology — blockchain — with a mention of CBDCs.

There isn’t a consensus on the definition of a Central Bank Digital Currency. The CPMI-MC Report (2018) has described CBDC as “A central bank liability, denominated in an existing unit of account, which serves both as a medium of exchange and a store of value.” Expanding the scope of CBDC, the Bank of England described it as, “An electronic form of central bank money that could be used by households and businesses to make payments and store value. This wider access to central bank money could create new opportunities for payments and the way the bank maintains monetary and financial stability.” In the survey of 66 central banks, which included the RBI, conducted by the BIS in 2018 and late 2019, 80 percent central banks reported that they were actively engaged in research, experiments, or development work related to CBDC. The survey indicated that 40 percent of central banks have progressed from research to experiments or proof-of-concept, whereas another 10 percent of respondent central banks have developed pilot projects. Financial inclusion, domestic payment efficiency, and payments safety are significant motivations for central banks to consider CBDCs in emerging market economies. On the other hand, in advanced economies, the significant motivations were financial stability, payment safety, and robustness.

Advantages of CBDC

First, unlike cash fiat money, CBDCs are flexible. They can be cheaply and effectively designed for specific purposes like retail, and wholesale domestic or cross border payments. CBDCs can implement regulatory and policy restrictions better than the existing alternative – conditional transfer of grants to citizens as digital money through banks with subsequent audit on how the money was spent. Payments can be restricted by value, related to the number of transactions or the capital stock (as in China), and enable access to specified goods and services like food, health care or education, public transportation facilities, or paying tax. Second, CBDC transactions can be tracked, unlike cash money which leaves no audit trail. In jurisdictions where State accountability is low, potential encroachment on citizen rights is a big negative. Third, CBDCs have the potential to speed up cross border payment settlement. Presently, differential law, processes, due diligence methods and even time zone variations across the world are responsible for delay and higher cost. Much of the future efficiency enhancement will come from achieving upstream institutional and regulatory cohesion across sovereign jurisdictions. The G20 has been working on this for some time in association with the BIS and the Financial Stability Board – both international organizations, the former owned by central banks, the latter established after the Western Financial Crisis 2009.

Central Banks are considering CBDC for two main reasons: financial inclusion and the declining use of cash in advanced economies. These central banks include those in Bahrain, Egypt, India, Indonesia, New Zealand, Russia, and Switzerland. Some developing economy central banks have mentioned reducing the costs and risks associated with the distribution of physical cash. Another major consideration for issuing CBDCs is the disintermediation (The term disintermediation refers to the process of cutting out the financial intermediary in a transaction.) of commercial banks since people can hold their money directly with the central bank. This could reduce dependence and the role played by commercial banks in the financial system and could have major implications for financial stability (The 2022 McKinsey Global Payments Report, 2022). Characteristics of a well-designed CBDC is being discussed well arguably, such as an account-based CBDC being a practically costless medium of exchange; it could also act as an interest-bearing secret store of value with a rate of return in line with risk-free assets such as government securities. With the gradual obsolescence of paper money, CBDC could be introduced with wide availability to the public. The paper also talks about aspects/elements that pertain to CBDC’s role as an efficient medium of exchange. Some characteristics are intrinsic to any government-issued currency, such as acting as a legal tender for public and private payments.

Over the past few decades, monetary economists have reached a broad consensus that the conduct of monetary policy should be systematic and transparent, thereby facilitating the effectiveness of the monetary transmission mechanism as well as the central bank’s accountability to elected officials and the general public. The design of a retail CBDC involves critical decisions and involves a proper legal framework and regulation. Token-based CBDC, though being a potentially revolutionary form of currency, encounters hurdle in attaining legal tender status and aligning with prevailing criminal law frameworks. On the other hand, account-based CBDCs, resembling traditional book money, navigate the legal landscape with relative ease. This nuanced evaluation underscores the imperative need for a robust legal foundation for CBDCs. Existing legal and monetary laws must be meticulously scrutinized and, if required, revamped to accommodate the digital transition. The overarching message echoes: nations must meticulously contemplate legal frameworks, and recognize the intricacies of CBDC implementation. While technological progress propels financial innovation, a comprehensive understanding and codification of legal aspects are indispensable.

While a lot of people are moving to cashless payments, cash remains an important means of payment for many people. CBDC could ensure that everyone has access to central bank money. The paper also talks about reducing the risk of financial instability. Financial instability can occur when there is a loss of confidence in the financial system. The overall impact of CBDC on financial stability would depend on the behavior of economic agents over time, which probably depends on the specific attributes of the CBDC. It is important that we focus on increasing the contestability of payments. CBDC could help in providing an alternative to bank notes, cheques, debit and credit cards, online transfers, etc., which means it can provide contestability in payments.

Opportunities and risks

There are some bittersweet considerations when it comes to responsibilities. Central banks could perhaps target monetary stimulus better as individual beneficiaries and vulnerable sections could be identified quickly and assisted during times of economic stress. They may also be able to earmark account top-ups for designated purposes. But adding all these features could bring in complications and affect the ease of access and undermine the ready fungibility of money. Also, these extensive powers with the central bank may spark privacy concerns, especially authoritarian governments can use it to keep track of all transactions and exercise more control over the public. There are implications for monetary policy too. For advanced economies, negative interest rates may become easier to implement as digital fiat can be directly programmed to do so, assuming physical cash is done away with. Otherwise, savers could just hoard physical cash. It pays to note that deeply negative rates can undermine confidence in the currency and prompt a rush to gold or other such assets. There is an additional concern that if the public is allowed to convert their deposits into their CBDC accounts, commercial banks may be robbed of their primary funding source. Depletion of demand deposits from the banking system would mean a forced reliance on costlier alternatives like wholesale funding. Moreover, the central bank could be compelled to accept the risky role of a financial intermediary during times of crisis, as all funds are likely to flow into its books. Issuance and withdrawal limits could perhaps help address some of these vulnerabilities, but not all.

CBDCs can add reasonable value to the economy.

Central banks increasingly look to draw on lessons offered by cryptocurrencies and private digital-payment systems. They undoubtedly want to tap the efficiency gains and harness the resilience of the technology. ‘Permissioned’ systems are expected to do away with the fully decentralized ones but still retain some of the latter’s advantages. On the technical front, so far, the main focus of central banks has been on reducing transaction costs and making the CBDC platforms more programmable. If we look at the cost of issuing electronic Rupee, as of end-March 2017, around 201 billion pieces of notes including coins (one rupee and above) were in circulation in India. In that year, the country’s adult population (15 years and above) was estimated to be around 916 million. If all adults hold one wallet each, the estimated size of all header records would be around 320 GB—not a large number by any yardstick. The size of transaction database, assuming 1,000 transactions for each note during its lifetime, would be around 71 petabyte or .07 Exabyte. Amazon Redshift Spectrum Query service charges $5 per Terabyte of Query. If in the extreme case we assume that all notes are transacted once every day of one year, then the cost would be around USD 132 million or INR 862 crore. Taking storage cost, it would be well below the cost of printing notes, which the RBI incurs today.

Financial intermediation

The introduction of CBDC would have wide-scale implications on the traditional structure of the banking business and financial intermediation model. Households and firms would have a choice to decide between banking deposits or digital currency holdings, possibly directly at the central bank. Flight from commercial bank deposits to CBDC will shrink the balance sheet of commercial banks as they will lose out on deposits (liabilities) and reserves (assets). Commercial bank deposits may face stiff competition from CBDCs as a potential group of people and firms would prefer moving existing deposits to CBDCs. It could result in reducing the need for state guarantees to the bank liabilities. Furthermore, due to the intense competition on retail transactional services, banks and other financial entities would be pushed to increasingly rely on wholesale or even overseas funding, which is likely to be expensive and more unstable. This would constitute a considerable structural change for the banking sector, which could see their intermediation margins eroded and have consequences for credit provision, thereby posing a significant challenge to the sustainability of current bank business models. Credit risk agencies might play a bigger role in the world dominated by CBDCs as the ability to offer narrowly targeted credit risk-based financial services might be more feasible. The Indian banking sector is one of the largest networks of banks in the world, catering to more than 80 percent of India’s population. It consists of 12 public sector banks, 21 private sector banks, 46 foreign banks, 43 regional rural banks, 1,542 urban cooperative banks, and 94,384 rural cooperative banks. A general-purpose CBDC has the potential to disrupt this intermediary network. Thus, RBI must assess thoroughly and adopt a cautious approach as it would have wide-scale ramifications on financial inclusion and employment.

Payment system

People may exercise choice to hold digital sovereign money as an alternative to cash. This can enable payments and transfers to take place directly in risk-free central bank money, and in real-time to businesses and individuals. There could also be benefits of having a CBDC for wholesale and interbank payments; for example, it could facilitate faster settlement and extended settlement hours. Implementation of CBDC through the existing structure of commercial banks and payment service providers (PSP) would require considerable investments to set up a suitable infrastructure, redesign network, and integrate it with currently existing technologies. India is one of the few countries with a robust legal framework that empowers the central bank to regulate and supervise payment systems. The payment system regulated by the Reserve Bank of India (RBI) is not just a safe and secure but also efficient fast and affordable. For CBDC to be operationally effective, RBI would have to develop a separate set of regulations. Policies around the remuneration of private intermediaries providing value-added services would need thorough analysis.

Stepping Towards CBDC

About 134 countries worldwide are considering a CBDC, just three have launches it. The Bahamas (population of 0.4 million, spread across 21 islands) was the first to launch the “Sand Dollar”, uniquely a CBDC, which also works off-line, given the inter-island connectivity issues. Nigeria launched e-Naira in October 2021—a central bank fiat currency—for retail use, with an intermediated, full accounting architecture principally to counter the threat of bank disintermediation posed by wide adoption of private crypto currencies for international payments and transfers. Jamaica is the latest country to launch a CBDC, the JAM-DEX. As of June 2023, 11 countries have adopted central bank digital currencies (CBDC), with an additional 53 being in advanced planning stages including EU, Japan, Australia, India, Iran, Turkey, Canada, Venezuela, and Brazil and 46 researching the topic. According to data from the Atlantic Council, The US remains in the research category with 46 other countries.

The Emergence of CBDCs in India

The introduction of Central Bank Digital Currencies (CBDCs) in 2022 represents a transformative shift in the financial infrastructure of India. With RBI at the helm, the potential for CBDCs to enhance the efficiency of the payment system is significant. CBDCs can provide a gateway for unbanked populations to enter the formal financial system, thereby promoting inclusivity. The seamless and real-time processing of transactions can reduce the reliance on cash and traditional banking networks. With CBDCs, the RBI could have more precise control over the money supply and the implementation of monetary policy. CBDCs can mitigate risks associated with physical cash management and the potential for fraud in digital transactions.

As the RBI continues to explore the CBDC landscape, the strategic implementation of this digital currency will be crucial in ensuring that it supports the broader goals of economic stability and growth. The Reserve Bank of India (RBI) has been closely monitoring the evolving landscape of digital currencies, recognizing the potential they hold for the future of finance. In its strategic approach, the RBI has been cautious, yet forward-thinking about the integration of Central Bank Digital Currencies (CBDCs) into the nation’s financial ecosystem. The central bank’s primary considerations revolve around financial stability, security, and consumer protection, ensuring that any implementation aligns with the broader objectives of the country’s monetary policy.

Among the key strategic moves made by the RBI, the following points stand out:

Regulatory Framework: The RBI is working on establishing a robust regulatory framework that addresses risks related to digital currencies like money laundering and terrorism financing.

Technology Adoption: Emphasis on adopting a technology stack that is scalable, resilient, and capable of interoperating with existing financial infrastructures.

Stakeholder Engagement: Engaging with various stakeholders, including banks, fintech companies, and consumers, to gather insights and ensure a smooth transition.

These initiatives are indicative of the RBI’s commitment to embracing digital innovation while maintaining a tight grip on the reins of monetary control. Furthermore, the RBI has expressed its intent to pilot a phased implementation strategy for the CBDC to evaluate its impact on the economy and the banking sector. This cautious yet progressive approach allows the RBI to:

Assess Use Cases: Carefully assess various use cases for the CBDC and understand its implications on the payment systems.
Monitor Risks: Continuously monitor and manage potential risks to make sure there’s a secure and stable financial environment.
Adapt Policies: Adapt and fine-tune policies as needed based on the data and feedback received during the pilot phases. By taking these steps, the RBI aims to position India at the forefront of the digital currency revolution, while safeguarding the interests of all stakeholders involved.

Integrating CBDCs with India’s Existing Payment Systems is of core importance, while implementing it. India’s financial ecosystem is on the brink of a transformative leap with the potential integration of Central Bank Digital Currencies (CBDCs). Spearheaded by the Reserve Bank of India (RBI), this integration is poised to enhance the robustness and efficiency of the nation’s payment systems. Key considerations for a seamless amalgamation include: 1-Interoperability with Unified Payments Interface (UPI) and other existing digital payment platforms. 2-Ensuring minimal disruption to the current financial infrastructure. 3-Adoption of advanced security protocols to safeguard against cyber threats.

With the advent of Central Bank Digital Currencies (CBDCs), the Reserve Bank of India (RBI) is faced with the dual challenge of ensuring robust security measures and maintaining user privacy. Recognizing the potential risks associated with digital financial services, the RBI has been proactive in implementing a multi-layered security architecture. This approach is designed to protect against cyber threats while facilitating secure and efficient transactions for users. the RBI’s strategy encompasses several key components:

1.Encryption Protocols: The use of advanced encryption techniques to safeguard transaction data and protect against unauthorized access.

2.Identity Verification: Robust Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to ensure the legitimacy of transactions and prevent financial crimes.

3.Transaction Monitoring: Continuous surveillance of transaction patterns to detect and prevent fraudulent activities.

Furthermore, the RBI is committed to upholding the privacy of individuals by implementing data protection measures that comply with global standards. This includes limiting the amount of personal information collected, ensuring data minimization, and providing users with control over their data. The central bank is also exploring the use of privacy-enhancing technologies such as zero-knowledge proofs to enable transaction validation without revealing sensitive information. This delicate balance between security and privacy is crucial for the successful adoption and trust in the emerging CBDC ecosystem. The introduction of a Central Bank Digital Currency (CBDC) by the Reserve Bank of India (RBI) has the potential to revolutionize the way cross-border payments are conducted. Traditionally, international transactions have been subject to multiple intermediaries, high fees, and long settlement times. With the advent of a CBDC, these transactions could become more streamlined and efficient, as the digital currency would enable direct transfers between parties, reducing the need for intermediaries and potentially lowering transaction costs. Moreover, a CBDC could offer enhanced traceability and security, mitigating risks associated with fraud and money laundering.

Future Prospects: How CBDC Could Transform the Indian Economy

Exploring the transformative potential of CBDCs, the Indian economy stands on the cusp of a significant overhaul. With the Reserve Bank of India at the helm, the integration of a CBDC could streamline payment systems, enhance monetary policy effectiveness, and foster a more inclusive financial landscape. The digital rupee could potentially reduce the costs associated with currency management, including printing, logistics, and storage, thereby optimizing government expenditure. Moreover, a CBDC may serve as a powerful tool in combating corruption and black money through its inherent traceability and transparency. Looking ahead, the implementation of a CBDC in India could unfold a series of economic advancements:

1.Boost to Digital Infrastructure: The necessity for robust digital infrastructure to support CBDC transactions could accelerate the development of nationwide high-speed internet and secure digital platforms.

2.Financial Inclusion: By providing an accessible digital currency option, the RBI could bring banking to the unbanked, thereby increasing participation in the formal economy.

3.Enhanced Cross-Border Transactions: CBDCs could simplify and expedite international trade and remittances, potentially positioning India as a more competitive player in the global landscape.

India’s monetary policy and operational framework.

India’s banking system has one of the largest networks of banks in the world. As per the Reserve Bank of India (RBI), the launch of private cryptocurrencies such as Bitcoin has led to turmoil in the Indian Economic System since they are not legally governed by the government and are used for unlawful activities. As a consequence, CBDCs provide a better alternative to private cryptocurrencies, preventing disruptions and shocks caused by Bitcoin and other cryptocurrencies. CBDCs can be used as an alternative to cash in retail payments. Several driving factors underpin the consideration of retail CBDC implementation:

Decline of Cash: Central banks respond to the diminishing use of physical currency, aiming to address concerns related to financial inclusion and monetary policy implications
Emergence of Cryptocurrencies and Stablecoins: The rising popularity of cryptocurrencies and stablecoins necessitates central banks’ vigilance, mitigating potential risks to financial stability.
Payments Innovation: Introducing retail CBDCs can foster innovative payment solutions, serving as a catalyst for the development of novel financial products and services.

A few experts explains that CBDCs have the potential to improve welfare by reducing financial frictions in deposit markets by promoting financial inclusion and improving the transmission mechanism. Introducing interest-bearing CBDC increases financial inclusion and diminishes demand for cash and it may also expand depositor base of commercial banks, if the added competition compels banks to raise their deposit rates. The decision on whether a CBDC bears interest lies within the purview of the central bank, with the inclination generally being towards a nominal interest rate if interest is offered. Regarding the coexistence of CBDC and physical cash, central banks’ policies vary, with some opting for parallel existence and others contemplating a gradual replacement of cash by CBDC.

A lot of attention has been paid to the implications associated with CBDCs with regard to financial stability and monetary policy transmission. However, not a lot of research has taken place on its impact on monetary policy implementation and what will end up being the macroeconomic effects for the same. The impact of CBDC on the financial system and stability hinges on its design. Potential effects include reduced reliance on commercial banks due to CBDC’s direct accessibility, heightened competition for commercial banks, leading to improved consumer benefits, and novel avenues for financial innovation in payments and markets. Furthermore, the introduction of a retail CBDC can significantly influence monetary policy:

Greater Monetary Control: By enabling precise monitoring and management of the money supply, a retail CBDC offers central banks enhanced control over monetary policy implementation.
New Policy Instruments: A retail CBDC provides central banks with innovative tools, such as the ability to implement negative interest rates or targeted economic stimulus, thus diversifying the range of available monetary policy instruments. In modern advanced economies, the majority of central banks run on a ‘floor system’ where banks’ demand for liquidity is satisfied by an abundant supply of central bank reserves (also known as ‘excess reserves’) and interbank market rates are effectively regulated by the interest rate on overnight deposits at the central bank. If the implementation of a CBDC results in a significant decline in surplus reserves as a result of the decline in bank deposits, it may have an impact on the monetary policy framework and the state of the interbank markets. This could have significant macroeconomic repercussions in the long term as well as during the initial period of CBDC adoption.

The demand for CBDC is going to increase in India because its similar to liquid assets such as cash or bank savings. The roles of the central bank and the private sector are delineated in the CBDC ecosystem. The central bank is responsible for issuing, regulating, and managing the currency, while the private sector may participate in the development and distribution of CBDC-related applications and wallets. This raises the question of privacy and addressing the level of user privacy, including considerations regarding transactional anonymity and the central bank’s ability to monitor transactions becomes a key issue.

Conclusion

As far as the transnationality of electronic money is considered, national jurisdictions and the broader cyberspace could conflict over monetary control soon. At its extreme, its ability to flow too freely across borders compared to traditional currencies could create instability internationally. Hence, there is a temptation to enact deep regulations concerning the use of money and at the same time construct parallel structures to exert more control over cyberspace. Although some form of control is inevitable, the international financial community is likely to be wary of digital bureaucracies. The broader cyberspace that hosts such platforms is notorious for its lack of transparency, security threats, and potential for malevolent activities. And technology failures are commonplace, especially in the government. But besides these vexing challenges, digital fiat opens up a world of welfare-enhancing possibilities. Like any innovative idea, CBDCs are not devoid of risks. Digital cash will have to be scrutinized and improved along the way. Central banks could cherish new flexibilities in policy but are wise to be treading a cautious path. Finally, user preferences will undoubtedly be a crucial factor in determining the macroeconomic effects of CBDCs. On the technical front, first, the focus must be on developing and enhancing the accessibility of CBDCs.

Authored By:

Sanjay M. Nafde

Chief Manager (Retired)

State Bank of India

Freelance Writer