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Learnings From Discontinued Central Bank Digital Currencies (CBDC): A Multiple Case Study Analysis

Learnings From Discontinued Central Bank Digital Currencies (CBDC): A Multiple Case Study Analysis

John Agyekum Addae, Sheraz Ahmed, Kwame Simpe Ofori
Copyright: © 2023 |Pages: 22
ISBN13: 9781668463819|ISBN10: 1668463814|ISBN13 Softcover: 9781668463826|EISBN13: 9781668463833
DOI: 10.4018/978-1-6684-6381-9.ch008
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MLA

Addae, John Agyekum, et al. "Learnings From Discontinued Central Bank Digital Currencies (CBDC): A Multiple Case Study Analysis." Exploring the Dark Side of FinTech and Implications of Monetary Policy, edited by Sheraz Ahmed, et al., IGI Global, 2023, pp. 165-186. https://doi.org/10.4018/978-1-6684-6381-9.ch008

APA

Addae, J. A., Ahmed, S., & Simpe Ofori, K. (2023). Learnings From Discontinued Central Bank Digital Currencies (CBDC): A Multiple Case Study Analysis. In S. Ahmed, J. Addae, & K. Ofori (Eds.), Exploring the Dark Side of FinTech and Implications of Monetary Policy (pp. 165-186). IGI Global. https://doi.org/10.4018/978-1-6684-6381-9.ch008

Chicago

Addae, John Agyekum, Sheraz Ahmed, and Kwame Simpe Ofori. "Learnings From Discontinued Central Bank Digital Currencies (CBDC): A Multiple Case Study Analysis." In Exploring the Dark Side of FinTech and Implications of Monetary Policy, edited by Sheraz Ahmed, John Agyekum Addae, and Kwame Simpe Ofori, 165-186. Hershey, PA: IGI Global, 2023. https://doi.org/10.4018/978-1-6684-6381-9.ch008

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Abstract

The financial and monetary system is transitioning into contactless payment options and digital currencies. About 90 percent of the world's central banks are engaged in CBDC research, proof of concept, pilot, development, and launch, while the remaining are overlooking CBDC offerings. Notwithstanding, many central banks have cancelled their CBDC following their launch. While learning from the past failure is extoled as a virtue, learning from failed CBDC is seldom in the CBDC ecosystem, contrary to dominant literature on CBDC development and scalability. This study explores reasons why central banks discontinued already launched CBDC's. The authors adopted criterion sampling to select failed CBDC. This multiple case content analysis shows that low levels of trust, cybersecurity concerns, inadequate digital identification infrastructure, and obsolete and uncompetitive technology are the leading triggers of failed CBDC. Through the lens of actor-network theory (ANT), actors contributing to CBDC failure was identified

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