Digital currency is no longer mere imagination but is increasingly becoming a part of our daily lives. As central banks in major countries worldwide seriously explore the potential of Central Bank Digital Currencies (CBDCs) and national initiatives grow, debates and evaluations regarding their implementation are also intensifying. Will a new era of currency dawn, or will only gradual changes occur while maintaining the existing system? As of March 2026, the actions of institutions like the European Central Bank (ECB), the International Monetary Fund (IMF), and the U.S. Congress could provide clues to answering these questions. The direction set by the European Central Bank is noteworthy. The ECB has officially embarked on the Digital Euro project, presenting a roadmap targeting issuance in 2029, contingent on the adoption of regulations in 2026. According to ECB Research Paper No. 138, consumers are responding quite positively to the use of digital forms of money, primarily preferring its use in everyday transactions. This study comprehensively analyzes the perception of the digital euro, its adoption potential, and its impact on household portfolios, thereby presenting a blueprint for the establishment of Europe's digital financial market. Notably, the ECB plans to pilot the digital euro for 12 months starting in the second half of 2027, aiming to test actual market reactions and review the system before official issuance. This phased approach is expected to have a significant impact on global financial markets. Conversely, the U.S. approach presents a stark contrast to these global trends. During the passage of the 21st Century ROAD Housing Act (H.R. 6644), the U.S. Senate included a provision prohibiting the Federal Reserve (Fed) from issuing a CBDC until 2030. This goes beyond a mere legal restriction, demonstrating America's cautious approach to meticulously examine the use of CBDCs, associated financial threats, privacy protection, and policy risks. Particularly noteworthy is the inclusion of a CBDC prohibition clause within a housing-related bill, which starkly illustrates the U.S. Congress's cautious and conservative stance on CBDC adoption. This backdrop is analyzed to be deeply rooted in the conflict between existing financial networks and private-sector-led digital currencies, especially the cryptocurrency industry. Considering the U.S.'s unique position in the global financial market, this conservative approach is interpreted as a strategic decision to simultaneously protect two core values: the dollar's reserve currency status and private-sector-driven financial innovation. India's CBDC Utilization Experiment: Expansion into Public Services India is conducting another dimension of experimentation. The world's most populous nation has implemented a groundbreaking policy in Gujarat state, integrating its central bank digital currency into the Public Distribution System (PDS). Gujarat has become the first Indian state to adopt a CBDC-based public distribution system, an innovative attempt to directly apply the digital rupee to food distribution. The core objective of this policy is to enhance the transparency and efficiency of government subsidy disbursements. Specifically, the key goal is to ensure that government aid properly reaches the intended beneficiaries without leakage, corruption, or delays in subsidy payments. Some experts evaluate India's approach as potentially serving as a model that proves the social applicability of CBDCs, going beyond mere experimentation. It is particularly drawing attention as a practical case demonstrating how CBDCs can contribute to financial inclusion and the improvement of welfare delivery systems in developing countries. The potential positive effects that CBDCs could bring are clear. The International Monetary Fund (IMF), in its FinTech report, analyzed that central banks are actively exploring tokenized reserves as a way to preserve the safety, liquidity, and policy role of central bank money within a tokenized ecosystem. Tokenized reserves involve converting central bank reserves into digital tokens using blockchain technology, which can support efficient and automated wholesale payment systems. The IMF mentioned the possibility of designing a safer and more effective interaction structure between central banks and financial markets through this. The ability to enable improvements such as automated liquidity management is indeed a remarkable advantage. However, while the IMF stated that tokenization would not fundamentally impact the ability to conduct monetary policy, it emphasized that central banks must adjust ledger design, governance structures, and stakeholder participation in line with policy objectives. Furthermore, the fact that central banks have room to adjust participant structures and ecosystems according to policy objectives during the digital currency design process is also positively evaluated. U.S. CBDC Prohibition Debate: Background and
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