Journal of Industrial and Systems Engineering

Journal of Industrial and Systems Engineering

Factors affecting the Issuance of Central Bank Cryptocurrency (Token-based CBDC)

Document Type : Research Paper

Authors
Mohammad reza Mani Yekta
Mahnaz Rabiei
Seyed Alireza Derakhshan
Department of Management and economics, South tehran Branch, Islamic Azad University, Tehran, Iran
Abstract
This study aims to examine the factors affecting the issuance of Central Bank cryptocurrency (CBDC). This research was conducted using a mixed-methods approach (qualitative-quantitative). The qualitative section employed the grounded theory method through semi-structured in-depth interviews with 15 experts in the fields of payment systems and financial technologies, selected through purposeful and snowball sampling. In the qualitative phase, after three stages of coding, the affecting components were identified, comprising six main categories (axial, causal conditions, intervening conditions, contextual conditions, strategies, and outcomes), along with 37 subcategories and 190 concepts. In the quantitative section, to validate the categories derived from the qualitative phase, a fuzzy Delphi approach was utilized with input from a panel of experts. Additionally, to test hypotheses based on the validation of relationships among the categories, a Partial Least Squares (PLS) approach was employed. The statistical population for the quantitative research consisted of all experts, deputies, and managers at the central bank, from which 110 individuals in the payment systems department were selected as the research sample. The results of the quantitative phase confirmed the validity of the identified components. The findings of this research not only identify multiple factors affecting the issuance of token-based central bank digital currency but also affirm that the issuance of digital currency paves the way for its social acceptance, emphasizing the necessity for precise policymaking. Therefore, it is recommended that managers and policymakers at the central bank utilize the model presented in this study.
Keywords
token-based Central Bank Digital Currency
Mixed Methods
Distributed Ledger Technology
Central Bank Digital Money
CBCC
CBDC
Subjects
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Journal of Industrial and Systems Engineering
Volume 16, Issue 4 - Serial Number 4
Autumn 2024
Pages 103-120

  • Receive Date 01 June 2024
  • Revise Date 13 August 2024
  • Accept Date 12 October 2024