• Novi Maryaningsih Bank Indonesia
  • Suahasil Nazara Universitas Indonesia
  • Febrio Nathan Kacaribu Universitas Indonesia
  • Solikin M Juhro Bank Indonesia
Keywords: Central bank digital currency, Financial development, Financial inclusion, Technology adoption


This paper attempts to explain the differences in Central Bank Digital Currency (CBDC) adoption across emerging and advanced countries using an ordered probit model. Based on a cross-country dataset, we show that wholesale CBDC is more advanced in countries with developed financial markets and greater cross-border transactions. Retail CBDC is more advanced in countries with lower financial inclusion and a large informal economy. We further show that different factors affect retail CBDC adoption across emerging and advanced countries. However, cross-border transactions are the most crucial factor influencing wholesale CBDC adoption across emerging and advanced countries.


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How to Cite
Maryaningsih, N., Nazara, S., Kacaribu, F., & Juhro, S. (2022). CENTRAL BANK DIGITAL CURRENCY: WHAT FACTORS DETERMINE ITS ADOPTION?. Buletin Ekonomi Moneter Dan Perbankan, 25(1), 1-24. https://doi.org/10.21098/bemp.v25i1.1979

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