Analysing the prospects, global advancements, and legal barriers to the introduction of central bank digital currency in India

The research examines the potential applications of central bank digital currency (CBDC) in India, focusing on the design, forms, classifications, and underlying technology of the system, including blockchain. It assesses the global picture of the CBDC through an examination of events and actions in countries such as Ecuador and Jamaica. This study employs a mixed research methodology that combines quantitative and qualitative approaches. It uses a case study to look at how countries that have been granted CBDCs or have had them revoked have developed internationally, a literature review to explain concepts and outline potential benefits for India, a documentary analysis to look at the regulatory landscape, and visual aids to show information about CBDCs that are in operation around the globe in various stages. The paper provides a comprehensive understanding of CBDCs' potential in India.