Central Bank Digital Currency and Privacy: A Randomized Survey Experiment

Syngjoo Choi, Bongseob Kim, Young-Sik Kim and Ohik Kwon

No 1147, BIS Working Papers from Bank for International Settlements

Abstract: Privacy protection is among the key features to consider in the design of central bank digital currency (CBDC). Using a nationally representative sample of over 3,500 participants, we conduct a randomized online survey experiment to examine how the willingness to use CBDC as a means of payment varies with the degree of privacy protection and information provision on the privacy benefits of using CBDC. We find that both factors significantly increase participants' willingness to use CBDC by up to 60% when purchasing privacy-sensitive products. Our findings provide useful insights regarding the design and the public's adoption of CBDC.

Keywords: central bank digital currency (CBDC); privacy; randomized online survey experiment (search for similar items in EconPapers)
JEL-codes: C90 E40 E50 (search for similar items in EconPapers)
Date: 2023-11
New Economics Papers: this item is included in nep-ban, nep-cba, nep-des, nep-exp, nep-mon and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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