Central Bank Digital Currencies: Global Case Studies and Lessons for Implementation

Abstract

Central Bank Digital Currencies (CBDCs) represent a transformative development in global financial systems, offering potential benefits such as improved payment efficiency, financial inclusion, and enhanced monetary policy effectiveness. This paper explores the design, deployment, and implications of CBDCs through a comparative analysis of global case studies, including the e-CNY in China, Sand Dollar in the Bahamas, and pilot initiatives in Europe and Africa. It examines the technological frameworks, regulatory challenges, and socioeconomic impacts of these implementations, highlighting lessons learned and best practices. The study provides insights into key considerations for central banks, including interoperability, security, privacy, and the role of public-private collaboration in fostering adoption. By synthesizing diverse experiences, the paper aims to inform the worldwide strategic and practical approaches for successful CBDC implementation.