Central bank digital currency, crypto assets, and cash demand: evidence from Japan

This study surveyed people's knowledge and use of central bank digital currency (CBDC), crypto asset ownership, and cash demand in Japan. While 4% of the respondents understand CBDC, 10% are willing to use CBDC when available. The demographic characteristics of respondents who understand CBDC a...

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Bibliographic Details
Published inApplied economics Vol. 56; no. 19; pp. 2241 - 2259
Main Author Fujiki, Hiroshi
Format Journal Article
LanguageEnglish
Published London Routledge 20.04.2024
Taylor & Francis Ltd
Subjects
Assets
cash demand
cash hoarding
CBDC
Central banks
crypto asset
Demography
Digital currencies
Economic theory
financial literacy
Owners
Ownership
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Summary:This study surveyed people's knowledge and use of central bank digital currency (CBDC), crypto asset ownership, and cash demand in Japan. While 4% of the respondents understand CBDC, 10% are willing to use CBDC when available. The demographic characteristics of respondents who understand CBDC are similar to those of crypto asset owners. Average cash demand for day-to-day payment purposes by crypto asset owners is slightly lower than that by nonowners. If CBDC users had similar cash demand to that of crypto asset owners, the introduction of CBDC with attributes similar to crypto assets would not substantially reduce cash demand for day-to-day payment purposes.
ISSN:0003-6846
1466-4283
DOI:10.1080/00036846.2023.2186362