Digital Finance for Development: A Systematic Review of Central Bank Digital Currency Adoption

Abstract

Abstract

Central Bank Digital Currencies (CBDCs) are increasingly recognized as a digital finance innovation with the potential to promote financial inclusion, improve payment efficiency, and strengthen the accessibility of formal financial services. Despite growing scholarly attention, evidence on the determinants of CBDC adoption remains fragmented across disciplines and theoretical perspectives. This study systematically reviews the literature to synthesize current knowledge on CBDC adoption, identify dominant theoretical frameworks, examine key adoption determinants, and discuss their implications for inclusive digital finance. A Systematic Literature Review (SLR) was conducted using the Scopus database. From an initial pool of 1,605 publications, a rigorous screening and eligibility process resulted in 58 peer-reviewed articles published between 2016 and 2026 for detailed analysis. The review shows that Technology Acceptance Model (TAM), Unified Theory of Acceptance and Use of Technology (UTAUT), Diffusion of Innovation (DOI), Theory of Planned Behavior (TPB), and Trust Theory dominate the literature. Perceived usefulness, ease of use, trust, security, financial literacy, and social influence consistently emerge as the primary drivers of CBDC adoption, while privacy concerns, regulatory uncertainty, technological limitations, and financial disintermediation remain significant barriers. The findings suggest that CBDCs can contribute to financial inclusion only when supported by user-centered design, adequate digital financial literacy, institutional trust, and enabling regulatory frameworks. The review provides policy insights for governments and central banks seeking to leverage digital finance to promote inclusive and sustainable economic development while identifying priorities for future empirical research on post-adoption behavior and long-term developmental outcomes.

The findings indicate that CBDC adoption research is primarily grounded in the Technology Acceptance Model (TAM), Unified Theory of Acceptance and Use of Technology (UTAUT), Diffusion of Innovation (DOI), Theory of Planned Behavior (TPB), and Trust Theory. Perceived usefulness, perceived ease of use, trust, security, financial literacy, and social influence consistently emerge as the most influential determinants of adoption. Regional evidence from China, India, Nigeria, the European Union, and Indonesia demonstrates that adoption patterns are shaped by diverse institutional, technological, and socio-economic contexts. The review further identifies critical barriers, including privacy concerns, regulatory uncertainty, technological limitations, and risks of financial disintermediation. The study concludes that successful CBDC implementation requires not only technological readiness but also public trust, regulatory clarity, and user-centered design. Future research should prioritize longitudinal studies, cross-country comparisons, and investigations of post-adoption behavior to advance understanding of CBDC acceptance and usage.