Central bank digital currency: a literature review and future research agenda using bibliometric analysis and TCCM framework

Dhananjay Bapat and Sushil Sharma

China Accounting and Finance Review, 2025, vol. 28, issue 1, 1-26

Abstract: PurposeCentral bank digital currencies (CBDC) are at the forefront of transformative digital finance, driven by central banks and policymakers worldwide. This paper sets out a hybrid systematic literature review (SLR), combining bibliometric analysis and the TCCM framework.Design/methodology/approachThe methodology involved analysis of 371 articles from the Scopus database, covering the period from 2012 until August 2024 through bibliometric analysis. In the next step, we followed the theories-characteristics-contexts-methods (TCCM) framework using a collection of 88 high-quality publications. Utilizing the TCCM framework, this study offers a qualitative overview to guide future research endeavors.FindingsThe bibliometric analysis offers key statistics on publications, key trends, influential authors, reputable journals and statistical insights related to CBDC research. The TCCM framework provides major theories, variables, context and methodology. The key themes that emerge from our analysis include the design, pilot and implementation of CBDC highlighting both technological and regulatory challenges, Financial stability and monetary policy implications and user Perspectives on CBDC adoption taking into account factors such as accessibility, security and usability.Originality/valueThe paper offers significant value in terms of undertaking a SLR by combining the bibliometric analysis and the TCCM framework. The study is conducted in a rapidly developing theme of CBDC.

Keywords: Central bank digital currency (CBDC); Digital finance; Central bank; Systematic literature review; Bibliometric analysis; Theory; Context; Characteristics; Methodology (TCCM) (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eme:cafrpp:cafr-04-2025-0051

DOI: 10.1108/CAFR-04-2025-0051

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