Choosing a Central Bank Digital Currency Model: Institutional and Behavioural Aspects

Context: The global trend of digitalization of financial systems is actualized in the issue of choosing wireless models of central bank digital currency (CBDC). The dominant discourse is focused on the technical and economic aspects, on the inclusion of an extra-systemic analysis of the complex interaction of institutional constraints and behavioral factors of economic agents that shape this choice. This conceptual gap requires the development of a holistic nutrition. Objective and tasks: The aim of the study is to identify the key institutional and behavioral determinants of the choice of a CBDC model and to develop a transitional choice for central banks. The tasks include the analysis of comprehensive models, the study of common behavioral models of users and regulators, and observation of macroeconomic and socio-philosophical consequences. Methods: The study is based on a qualitative analysis and combination of relevant and applied works (including working papers of the ECB, BIS, Bank for International Settlements), as well as a comparative analysis of the practices of academic jurisdictions (ECB, PBOC, Bank of Japan, Bank of England, Bank of Thailand). Methods of institutional analysis, theory of relations (EAFT) and theory of planned behavior formation are used. Results and conclusions: It is established that the choice of the CBDC model is not a technical, strategic value-laden dilemma, the level of institutional trust and cognitive limitations of subjects. The dominance of two-level and hybrid models reflects the search for a Pareto-optimal balance between sovereignty, stability and efficiency. The key success factor is the "social license" based on trust, fairness and confidentiality. Scope: Results for central banks, financial regulators and policymakers involved in the CBDC project and implementation. Follow-up research management: Empirical testing of behavioral hypotheses, development of metric analytical licenses, study of ethical implications of money programmability.