Cultural values and the adoption of central bank digital currency

Hiep Ngoc Luu, Dinh Dinh Do, Thanh Pham, Viet Xuan Ho and Quynh-Anh Dinh

Applied Economics Letters, 2023, vol. 30, issue 15, 2024-2029

Abstract: This paper examines the impact of national culture on the decision of countries to adopt a central bank digital currency (CBDC). Using Hofstede’s cultural framework (i.e. Power Distance, Individualism, Masculinity, Uncertainty Avoidance and Long-term Orientation) to measure different cultural values, we find that countries with more power distance, masculinity and long-term orientation cultures are more eager to adopt a CBDC. By contrast, countries with a cultural value leaning towards uncertainty avoidance are less involved in the adoption of a CBDC. These results hold more for retail CBDC than for wholesale CBDC.

Date: 2023
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DOI: 10.1080/13504851.2022.2089342

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