Central Bank Digital Currency Adoption Challenges, Solutions, and a Sentiment Analysis

Abstract

We identify some factors limiting CBDC adoption and some of the possible solutions. We also assess the media sentiment about central bank digital currencies in general as well as about locally issued CBDCs. We find that there is a high correlation between the negative media sentiment about CBDCs in general and locally issued CBDCs. We also find that the negative media sentiment about the eNaira, DCash and Sand Dollar was caused by the existing negative media sentiment about CBDCs in general. However, a positive media sentiment about the eNaira, DCash and Sand Dollar was not caused by the existing positive media sentiment about CBDC in general.

Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence

“…Some states, such as El Salvador, have opted to establish a cryptocurrency (in this case, Bitcoin) as legal tender (Alonso et al 2024), although most states do not contemplate it and see these assets not as money but as assets used for speculation. Other countries and monetary areas are betting on the implementation of CBDCs as an alternative to cryptocurrencies, although their success and acceptance is not homogeneous (Ozili and Alonso 2024). Through a combination of strong regulations, international cooperation and advanced technologies, states can strengthen their capabilities to collect taxes derived from cryptocurrency transactions and ensure that taxpayers comply with their tax obligations in this emerging area.…”