Public Demand and Financial Implications for Retail CBDC: A Randomized Survey Experiment

Duk Gyoo Kim, Ohik Kwon and Seungduck Lee
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Duk Gyoo Kim: Yonsei University
Ohik Kwon: Korea University
Seungduck Lee: Sungkyunkwan University

No 2025rwp-274, Working papers from Yonsei University, Yonsei Economics Research Institute

Abstract: This study investigates the public demand for retail Central Bank Digital Currency (CBDC) and its implications for financial intermediation by focusing on its potential substitution effects on existing digital payment methods and viability as a store of value. Using an information-provision survey experiment, we analyze public responses to technically various CBDC issuance types, including online and offline applications and a physical card type, with and without interest payments. The survey experiment finds that, while CBDC design features do not significantly influence its demand as a payment method, offering positive interest payments can enhance its appeal as a store of value. Moreover, it indicates that payment practices and trust in central banks would have a greater impact on demand for CBDC than its technical design features.

Keywords: CBDC; Privacy; Demand for CBDC; Issuance Type; Survey Experiment (search for similar items in EconPapers)
JEL-codes: E41 E58 G11 (search for similar items in EconPapers)
Pages: 49pages
Date: 2025-12
New Economics Papers: this item is included in nep-cba, nep-exp and nep-mon
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