Abstract
While previous research focused on central bank digital currencies (CBDC) regulations and technologies, this study addresses the scarcity of CBDC consumer behaviour investigation. It assesses if CBDC policy should be guided by consumer data. The evaluation covers consumer willingness to pay (WTP), the influence of individual CBDC perceptions, mediation of social advantages and infrastructure views, and the role of consumer attributes. Data from 1308 Chinese respondents were collected via an online survey. A structural equation model examines WTP for China's CBDC (DCEP). Findings reveal significant WTP for DCEP, with noteworthy causal, mediation, and moderation effects. Positive individual perceptions enhance WTP, and consumer traits shape these relationships. Notably, perceiving individual CBDC benefits impacts WTP positively, while perceiving drawbacks dampens it. Consumers valuing CBDC's social advantages are more likely to adopt it, but this doesn't apply to infrastructure perceptions. Various consumer attributes moderate these dynamics, emphasizing the importance of consumer data in shaping CBDC strategies. Policy suggestions include tailored advertising, privacy measures, regulations, and usage strategies to ensure CBDC sustainability.
Published Version
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