IDEAS home Printed from https://ideas.repec.org/a/spr/qualqt/v59y2025i6d10.1007_s11135-025-02217-4.html
   My bibliography  Save this article

Decoding challenges in central bank digital currency implementation in India: a TISM-MICMAC approach

Author

Listed:
  • Megha Garg

    (J.C. Bose University of Science & Technology, YMCA)

  • Shruti Malik

    (University of Delhi, North Campus)

  • Parveen Kumar

    (J.C. Bose University of Science & Technology, YMCA)

Abstract

The adoption of Central Bank Digital Currency (CBDC) is gaining momentum worldwide, yet its successful implementation requires a thorough understanding of key challenges. This study examines critical barriers to CBDC implementation in India and explores their hierarchical relationships. Using a mixed-method approach—Systematic Literature Review (SLR), Total Interpretive Structural Modelling (TISM), and Matrice d' Impacts Croises Multiplication Applique a Classement (MICMAC) analysis—the study identifies ten key challenges based on expert insights from academia, banking, and regulatory bodies. The contextual relationship-based TISM model is divided into four hierarchical levels in which technical vulnerability, data privacy risk, interoperability, infrastructure cost, cyber risk, and conductive regulatory and legal infrastructure are placed on the lower layer which indicates that these are the significant barrier in CBDC implementation. These insights provide policymakers with a structured approach to addressing CBDC barriers. This study uniquely contributes to the literature by employing the TISM-MICMAC framework to craft a theoretical framework for the implementation of CBDC in the Indian context.

Suggested Citation

  • Megha Garg & Shruti Malik & Parveen Kumar, 2025. "Decoding challenges in central bank digital currency implementation in India: a TISM-MICMAC approach," Quality & Quantity: International Journal of Methodology, Springer, vol. 59(6), pages 5575-5602, December.
    • Handle: RePEc:spr:qualqt:v:59:y:2025:i:6:d:10.1007_s11135-025-02217-4
    DOI: 10.1007/s11135-025-02217-4
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11135-025-02217-4
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s11135-025-02217-4?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:qualqt:v:59:y:2025:i:6:d:10.1007_s11135-025-02217-4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.