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Cultural values and the adoption of central bank digital currency

Author

Listed:
  • Hiep Ngoc Luu
  • Dinh Dinh Do
  • Thanh Pham
  • Viet Xuan Ho
  • Quynh-Anh Dinh

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.

Suggested Citation

  • Hiep Ngoc Luu & Dinh Dinh Do & Thanh Pham & Viet Xuan Ho & Quynh-Anh Dinh, 2023. "Cultural values and the adoption of central bank digital currency," Applied Economics Letters, Taylor & Francis Journals, vol. 30(15), pages 2024-2029, September.
    • Handle: RePEc:taf:apeclt:v:30:y:2023:i:15:p:2024-2029
    DOI: 10.1080/13504851.2022.2089342
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