This paper examines the phrase “Central Bank Digital Currency (CBDC)Central Bank Digital Currency (CBDC),” which first appeared in the early 2000s, to describe digital money, e-money, and mobile money. It highlights the growing need for CBDCs in India and examines the current status of their implementation in the country. A SWOT analysis, which enumerates the advantages, disadvantages, opportunities, and dangers related to digital currencies, is also provided. The present study clarifies the advantages and disadvantages of CBDCs as well as the potential opportunities they could create in the Indian financial landscape. The purpose of this analysis is to add to the current discussion over the applicability and prospects of digital currencies in India. The study incorporates a correlation between a greener environment and CBDC, which is necessary to achieve SDGs. The discussion also includes a brief overview of a few global case studies on existing digital currencies to provide insights into their development and impact.