Abstract
This paper attempts to explain the differences in Central Bank Digital Currency (CBDC) adoption across emerging and advanced countries using an ordered probit model. Based on a cross-country dataset, we show that wholesale CBDC is more advanced in countries with developed financial markets and greater cross-border transactions. Retail CBDC is more advanced in countries with lower financial inclusion and a large informal economy. We further show that different factors affect retail CBDC adoption across emerging and advanced countries. However, cross-border transactions are the most crucial factor influencing wholesale CBDC adoption across emerging and advanced countries.
| Original language | English |
|---|---|
| Pages (from-to) | 1-24 |
| Number of pages | 24 |
| Journal | Buletin Ekonomi Moneter dan Perbankan |
| Volume | 25 |
| Issue number | 2 |
| DOIs | |
| Publication status | Published - 2022 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 1 No Poverty -
SDG 8 Decent Work and Economic Growth -
SDG 17 Partnerships for the Goals
Keywords
- Central bank digital currency
- Financial development
- Financial inclusion
- Technology adoption
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