Embracing Change: Unveiling Customer Perspectives on the Prospective Adoption of Central Bank Digital Currencies (CBDCs) in Finland

Abstract

The thesis subject surrounds the Central Bank Digital Currencies and the consumers’ perspective on adopting this new evolution. The thesis aims to provide valuable insights by exploring the customers’ perspective towards the adoption of CBDCs, particularly in a Finnish landscape, with the main research question being “What are the customers’ attitudes toward the potential widespread adoption of CBDCs in Finland?”. In order to achieve the objective, the theoretical background of money and payment methods, central bank and monetary policy, Central Bank Digital Currencies, technology acceptance models, and methodologies are presented. The theory part contains not only different definitions but also the current situation, potential benefits, and limitations of CBDCs. The researchers employ a combination of quantitative and qualitative approaches with the purpose of providing a more comprehensive understanding and analysis of the topic. The results collected from the survey and interviews are analyzed based on the theoretical frameworks, which enhance the reliability and efficiency of the discussion and conclusion. The study reveals that a significant proportion of consumers lack awareness about CBDCs as the CBDCs information is not widespread among the general public, yet they are likely to embrace and know more about it. However, the consumers’ attitude towards adopting CBDCs remains unlikely to use them in daily transactions due to the lack of knowledge and notable advantages compared to the existing methods.