| Keywords [eng] |
Raktiniai žodžiai: CBDC, centriniai bankai, vartotojai, BIS, moderni finansų sistema, skaitmeninimas Keywords: CBDC, central banks, consumers, BIS, modern financial system, digitalization |
| Abstract [eng] |
THE CONSUMER VIEW ON CBDC ADOPTION Alina PYTAYLO Master Thesis Finance and Banking Master Programme Faculty of Economics and Business Administration, Vilnius University Supervisor Prof. Dr. Alfreda Šapkauskienė, Vilnius, 2023 SUMMARY 91 pages, 8 tables, 32 figures, 48 references. The main purpose of this master’s thesis is to assess the consumer view on CBDC adoption by collecting and evaluating the opinions of prospective consumers regarding CBDC functions, potential benefits and challenges, overall consumers’ willingness to explore the topic of CBDC and use this currency once it will be launched by central bank. The thesis consists of three main parts: the analysis of literature, the research and its results, and conclusions and recommendations. The analysis of literature summarizes information about CBDC design features, benefits and challenges, and current CBDC developments as well as provides a brief overview of the consumer view on CBDC adoption. Following the analysis of literature, the author conducted research on consumer attitudes toward the topic of CBDC and CBDC potential use in case of its launch by central bank in the near future. In all, 126 prospective consumers aged 18 and over have provided their answers to the prepared questionnaire that includes four demographic questions about respondents’ age, economic status of their country of residence, educational level, and monthly income and ten questions about the respondents’ opinion on CBDC adoption. The results of the research were compared to the similar studies’ results published in other reports by independent research companies and were statically processed with the Microsoft Excel program. Two tests were used to analyze the research results obtained: the One-Proportion Z-test and the Pearson Chi-square test used in combination with the phi (φ) and Cramer’s V strength statistics. The performed research revealed that consumers aged 18-34 from EMDEs countries are enthusiastic about future CBDC adoption, and therefore, more efficient ways must be found by central bankers to educate those consumers about CBDC. Also, the research showed that consumers are concerned with security and privacy of CBDC and that they agree to use CBDC as a new form of payment and investment instrument, yet they do not want their salary to be paid in CBDC and want to see CBDC as a complement to cash. Most importantly, these consumers would like to start using CBDC from one to three years from its launch by their central bank. The conclusions and recommendations summarize the main concepts of the literature analysis and the results of the performed research as well as provide recommendations for further study. |
