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Stream/Area:
-
Subject:
-
Paper ID:
IJSREM65872
Volume:
10 |
7 |
Jul 2026
Pages:
1-9
Publication Frequency:
Monthly (12 issues per year)
License:International Journal of Scientific Research in Engineering and Management follows the Creative Commons Attribution 4.0 (CC BY 4.0) License, allowing free use and distribution with proper attribution.
Research Scholar.
Department of Studies in Commerce. Davanagere University, Davanagere-577007, Karnataka,India. And Assistant professor, GFGC, Chikkaballapur. Email id- [email protected]. Mob:8095761767.
Professor, Department of Studies in Commerce
Professor, Department of Studies in Commerce, Davanagere University, Davanagere -577007, Karnataka,India.Email id- [email protected]. Mob:9886313575.
The Central Bank Digital Currencies (CBDCs) has become one of the most significant developments in the global financial system. Many central banks seek to modernize payment infrastructures, strengthen monetary sovereignty, improve financial inclusion, and respond to the rapid growth of digital finance, CBDC initiatives have expanded across all seven continents. This study provides the status, determinants, challenges, and policy implications of CBDC development across 196 sovereign countries distributed among Asia, Africa, Europe, North America, South America, Oceania, and Antarctica. Using secondary data obtained from the Atlantic Council CBDC Tracker, International Monetary Fund (IMF), Bank for International Settlements (BIS), World Bank, and central bank publications, the study categorizes countries according to their stages of CBDC development, including research, development, pilot testing, and implementation. A comparative analytical framework is employed to evaluate the influence of digital infrastructure, financial inclusion, economic development, regulatory readiness, and technological innovation on CBDC progress. The findings indicate that Asia leads global CBDC development, Europe emphasizes monetary sovereignty and payment resilience, Africa prioritizes financial inclusion, while North and South America exhibit diverse implementation strategies. Oceania focuses on wholesale and cross-border CBDC experimentation. Although Antarctica has no sovereign monetary authority, it is included as a geographical continent for completeness. The study contributes to the growing literature by providing a comprehensive seven-continent and 196-country perspective on CBDC development and offers policy recommendations for sustainable implementation.
KEYWORDS
Central Bank Digital Currencies represent one of the most transformative innovations in modern monetary systems. This study examined CBDC development across seven continents and 196 countries, highlighting substantial differences in objectives, implementation strategies, and technological readiness. Asia currently leads global CBDC experimentation and deployment, while Africa focuses on financial inclusion and Europe prioritizes monetary sovereignty and payment resilience. North and South America exhibit diverse approaches, whereas Oceania concentrates on wholesale and cross-border applications. The findings demonstrate that successful CBDC implementation depends on a combination of technological infrastructure, regulatory preparedness, financial inclusion objectives, cybersecurity frameworks, and public trust. As CBDC initiatives continue to expand globally, policymakers must balance innovation with financial stability, privacy protection, and interoperability requirements. The study contributes to the growing body of CBDC literature by providing a comprehensive seven-continent and 196-country perspective on the future of sovereign digital currencies.
1. Sergio Luis Náñez Alonso 1,* , Miguel Ángel Echarte Fernández 1,*, David Sanz Bas 1 and Jarosław Kaczmarek(2020), Reasons Fostering or Discouraging theImplementation of Central Bank-Backed DigitalCurrency: A Review, Economies 2020, 8, 41; doi:10.3390/economies8020041 www.mdpi.com/journal/economies. 2. Echarte Fernández, M.Á.;Náñez Alonso, S.L.; Jorge-Vázquez, J.;Reier Forradellas, R.F. Central Banks’Monetary Policy in the Face of theCOVID-19 Economic Crisis: Monetary Stimulus and theEmergence of CBDCs. https://doi.org/10.3390/su13084242. 3. Koparan, A. (2025). Central Bank Digital Currencies: A review of global trends in adoption, financial inclusion, and the role of country characteristics. Investment Management and Financial Innovations. https://doi.org/10.21511/imfi.22(1).2025.09 4. Lee, D. K., Yan, L., & Wang, Y. (2021). A global perspective on central bank digital currency. China Economic Journal, 14, 52 - 66. https://doi.org/10.1080/17538963.2020.1870279 5. Shkliar, A. (2020). The phenomenon of central banks’ digital currencies (CBDC): key attributes and implementation perspectives. 123-137. https://doi.org/10.15407/socium2020.01.123. 6. Samuele Bibi (24 Mar 2026): USD hegemony, bitcoin, Central Bank Digital Currency and the geopolitics of money, Journal of Post Keynesian Economics, DOI: 10.1080/01603477.2026.2631648. 7. Auer, R. A., Cornelli, G., & Frost, J. (2020). Rise of the Central Bank Digital Currencies: Drivers, Approaches and Technologies. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3724070 8. Koparan, A. (2025). Central Bank Digital Currencies: A review of global trends in adoption, financial inclusion, and the role of country characteristics. Investment Management and Financial Innovations. https://doi.org/10.21511/imfi.22(1).2025.09 9. Svilokos, T., & Mehić, A. (2025). Development of Central Bank Digital Currencies: The review of Contemporary Trends and Perspectives in Central Banking. Asian Business Research Journal. https://doi.org/10.55220/2576-6759.562 10. Auer, R. A., Frost, J., Gambacorta, L., Monnet, C., Rice, T., & Shin, H. (2022). Central bank digital currencies: motives, economic implications and the research frontier. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3922836
Publication Date
7/6/2026
Peer Review Type
Double-Blind Peer Review
Review Rounds: 2
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The authors declare no conflict of interest related to this research work.
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