Central bank digital currency as a new means of payment: An experimental approach

Jana Anjali Magin, Ulrike Neyer and Alexandra Stevens

No 435, DICE Discussion Papers from Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE)

Abstract: Many Central banks around the world are considering the introduction of a Central Bank Digital Currency (CBDC) as a new means of payment. One of the reasons for introducing a CBDC is a change in payment behavior towards an increasing use of electronic forms of payment. This paper examines the introduction of a CBDC as a new means of payment. We conduct a controlled laboratory experiment to assess how adoption costs and anonymity affect the demand for CBDC compared to established means of payment such as cash and deposits. We use a 2x2 treatment design in which CBDCs differ in adoption costs and anonymity. We find that adoption costs play an important role in the decision to use CBDC as a new means of payment and that anonymity plays a role in the allocation of experimental money between different means of payment.

Keywords: Central bank digital currencies; experimental economics; payment methods; anonymity; adoption costs (search for similar items in EconPapers)
JEL-codes: C92 E41 E42 (search for similar items in EconPapers)
Date: 2026
New Economics Papers: this item is included in nep-exp and nep-fdg
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:dicedp:339605

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