From Cryptocurrencies to CBDCs: A Comparative Perspective on Domestic and Global Digital Payment Systems

Jyoti; Yogita Dwivedi

doi:10.36948/ijfmr.2025.v07i05.57213

From Cryptocurrencies to CBDCs: A Comparative Perspective on Domestic and Global Digital Payment Systems

Author(s)	Ms. Jyoti, Dr. Yogita Dwivedi
Country	India
Abstract	The study seeks to compare and contrast the Unified Payment Interface (UPI) and Central Bank Digital Currencies (CBDCs) with a view to identifying their similarities and differences in terms of adoption, technology, and financial inclusion potential. It further examines how CBDCs differ from cryptocurrencies, particularly with respect to their design, underlying functionality, and the regulatory environment governing their circulation. A comparative analysis is also undertaken of India’s e₹ (e-Rupee) with selected international CBDCs including Nigeria’s eNaira, China’s e-CNY, and the Bahamas’ Sand Dollar, highlighting the lessons that can be drawn from global implementations. The research adopts a qualitative and comparative design using secondary data, official reports, and scholarly literature to map structural, functional, and regulatory dimensions. The findings suggest that while UPI has successfully promoted digital payments in India through interoperability and user convenience, CBDCs present an alternative monetary instrument backed by central banks with potential to strengthen financial stability, enhance cross-border payments, and support monetary policy implementation. Moreover, Central Bank Digital Currencies (CBDCs) differ significantly from cryptocurrencies as they are centrally regulated and sovereign-backed, prioritizing stability over speculative profits. A comparative analysis of the e₹, eNaira, e-CNY, and Sand Dollar highlights variations in adoption rates, public trust, and their integration with established financial systems. These factors carry crucial implications for India's advancement in digital currency. This paper enhances the discourse surrounding digital money by offering a comparative and contextual understanding of CBDCs in relation to current digital payment frameworks and cryptocurrencies.
Keywords	Central Bank Digital Currency (CBDC), Cryptocurrency, Unified Payments Interface (UPI), Blockchain, Real-Time Payments.
Field	Sociology > Banking / Finance
Published In	Volume 7, Issue 5, September-October 2025
Published On	2025-10-10
DOI	https://doi.org/10.36948/ijfmr.2025.v07i05.57213

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From Cryptocurrencies to CBDCs: A Comparative Perspective on Domestic and Global Digital Payment Systems

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