The global financial landscape is changing due to the rapid development and increasing adoption of Central Bank Digital Currencies (CBDS). This article compares centralized ledger and blockchain-based systems in the context of CBDS in terms of their effectiveness, scalability, security, and operational resilience. The study examines the scalability of four leading CBDC systems (eNaira, DCash, Digital Yuan, and Sand Dollar) under different transaction loads and measures key performance indicators such as transaction speed, latency, and system utilization. For example, Digital Yuan processed over 7 trillion RMB by mid-2024 alone, while eNaira had only achieved a 0.8% adoption rate among banked users by the end of 2022. Cash stands out with a 10% adoption rate in the Eastern Caribbean. The analysis also assesses potential vulnerabilities such as double-spending and considers critical factors such as energy consumption, privacy, fault tolerance, and resilience to network outages. The findings illuminate the trade-offs between centralization and decentralization, providing a comprehensive understanding of the advantages and disadvantages of blockchain and centralized ledger architectures. This study offers guiding principles for the future development and implementation of CBDS across diverse financial ecosystems and provides valuable insights into the challenges encountered during large-scale implementations.
Andras Bethlendi Babir Guliyev (2026) studied this question.