The degrees of central bank digital currency adoption across countries: a preliminary analysis

Authors

  • Tu DQ Le University of Economics and Law
  • Son H Tran
  • Dat T Nguyen
  • Thanh Ngo

DOI:

https://doi.org/10.17811/ebl.12.2.2023.97-104

Keywords:

Central bank digital currencies, AML, financial market development, retail CBDC, wholesale CBDC

Abstract

This study empirically examines factors affecting the different stages of CBDC adoption using a sample of 55 countries engaged in CBDC projects from 2014 to 2021. The findings indicate that anti-money laundering and terrorist financing and the financial market development, inflation and technological factors are critical determinants of CBDC adoption at different stages.

References

Allen, F., Gu, X., & Jagtiani, J. (2022) Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China, Journal of International Money and Finance, 124, 102625.

Auer, R., Cornelli, G., & Frost, J. (2020) Rise of the central bank digital currencies: drivers, approaches and technologies Monetary and Economic Department, BIS Working Papers No 880. Bank for International Settlements, Basel.

Borgonovo, E., Caselli, S., Cillo, A., Masciandaro, D., & Rabitti, G. (2021) Money, privacy, anonymity: What do experiments tell us?, Journal of Financial Stability, 56, 100934.

Davoodalhosseini, S. M. (2022) Central bank digital currency and monetary policy, Journal of Economic Dynamics and Control, 142, 104150.

Dupuis, D., Gleason, K., & Wang, Z. (2022) Money laundering in a CBDC world: a game of cats and mice, Journal of Financial Crime, 29(1), 171-184.

Fernández-Villaverde, J., Sanches, D., Schilling, L., & Uhlig, H. (2021) Central bank digital currency: Central banking for all?, Review of Economic Dynamics, 41, 225-242.

Georgieva, K. (2022) The future of money: Gearing up for Central Bank Digital Currency, International Monetary Fund, Washington, DC.

Larina, O., & Akimov, O. (2020) Digital money at the present stage: Key risks and development direction, Finance: Theory and Practice, 24(4), 18-30.

Lee, Y., Son, B., Jang, H., Byun, J., Yoon, T., & Lee, J. (2021) Atomic cross-chain settlement model for central banks digital currency, Information Sciences, 580, 838-856.

Lee, Y., Son, B., Park, S., Lee, J., & Jang, H. (2021) A Survey on Security and Privacy in Blockchain-based Central Bank Digital Currencies, Journal of Internet Services and Information Security, 11(3), 16-29.

Li, S., & Huang, Y. (2021) The genesis, design and implications of China’s central bank digital currency, China Economic Journal, 14(1), 67-77.

Luu, H. N., Do, D. D., Pham, T., Ho, V. X., & Dinh, Q.-A. (2022) Cultural values and the adoption of central bank digital currency, Applied Economics Letters, 1-6.

Meaning, J., Dyson, B., Barker, J., & Clayton, E. (2021) Broadening narrow money: monetary policy with a central bank digital currency, International Journal of Central Banking, June 2021, 1-42.

PwC. (2019) The rise of Central Bank Digital Currencies (CBDCs), PricewaterhouseCoopers, Hongkong.

Svirydzenka, K. (2016) Introducing a new broad-based index of financial development, Working Paper No. 16/5. International Monetary Fund, Washington, D.C.

Viñuela, C., Sapena, J., & Wandosell, G. (2020) The future of money and the central bank digital currency dilemma, Sustainability, 12(22), 9697.

Wagner, E., Bruggink, D., & Benevelli, A. (2021) Preparing euro payments for the future: A blueprint for a digital euro, Journal of Payments Strategy & Systems, 15(2), 165-187.

Wang, Y., Lucey, B. M., Vigne, S. A., & Yarovaya, L. (2022) The Effects of Central Bank Digital Currencies News on Financial Markets, Technological Forecasting and Social Change, 180, 121715.

Williamson, S. D. (2022) Central bank digital currency and flight to safety, Journal of Economic Dynamics and Control, 142, 104146.

Zhang, T., & Huang, Z. (2022) Blockchain and central bank digital currency, ICT Express, 8(2), 264-270.

Downloads

Published

13-07-2023

How to Cite

Le, T. D., Tran, S. H., Nguyen, D. T., & Ngo, T. (2023). The degrees of central bank digital currency adoption across countries: a preliminary analysis. Economics and Business Letters, 12(2), 97–104. https://doi.org/10.17811/ebl.12.2.2023.97-104

Issue

Vol. 12 No. 2 (2023): June

Section

Articles

License

The works published in this journal are subject to the following terms:

1. Oviedo University Press (the publisher) retains the property rights (copyright) of published works, and encourages and enables the reuse of the same under the license specified in paragraph 2.

© Ediuno. Ediciones de la Universidad de Oviedo / Oviedo University Press

2. The works are published in the online edition of the journal under a Creative Commons Attribution-Non Commercial-Non Derives 3.0 Spain (legal text). You can copy, use, distribute, transmit and publicly display, provided that: i) you cite the author and the original source of publication (journal, publisher and URL of the work), ii) they are not used for commercial purposes, iii) mentions the existence and specifications of this license.

3. Conditions of self-archiving. The author can archive the post-print version of the article (publisher’s version) on the author’s personal website and/or on the web of  the institution where he belong, including a link to the page of the journal and putting the way of citation of the work. Economics and Business Letters and its URL https://reunido.uniovi.es/index.php/EBL/index are the only authorized source for correctly giving the reference of the publisher’s version in every mention of the article.