The rise in popularity of central bank digital currencies. A systematic review

Heliyon. 2024 Apr 30;10(9):e30561. doi: 10.1016/j.heliyon.2024.e30561. eCollection 2024 May 15.

Abstract

Central bank digital currencies (CBDCs) have been growing in popularity since 2018, as worldwide countries explore their impact and implementation options. This article analyzes the state of research around central bank digital currencies and the evolving landscape of CBDCs, and explores emerging areas of research and trends by using the PRISMA method and VOSviewer, with the goal of showing the main opportunities and challenges related to them. AMSTAR, DistillerSR, Eppi-Reviewer, ROBIS, and SRDR were the screening and quality evaluation tools employed for study eligibility criteria, design screening and content selection, text analysis data extraction, methodological quality predictors, and reliable and reproducible evidence assessment. A total of 1024 articles on central bank digital currencies were identified in Scopus and the Web of Science, out of which 747 have been included in the review (documents which were not in English language and not categorized as journal articles were excluded). Through an analysis of the relevant literature, the study categorizes CBDC research into positive, negative and neutral research, with a particular focus on sustainability issues, and conducts a keyword co-occurrence analysis using VOSviewer, following a narrowing down of the relevant articles to be included in the study by applying the PRISMA framework. This generates an overall view for experts and researchers who can use the main analyzed features of CBDCs and adapt them accordingly, taking into account relevant macroeconomic characteristics. The study highlights the need to continue interdisciplinary research, by adapting the research and CBDC characteristics to keep up with the latest technologies and with the shift towards green finance, and explores the elaborate relationship between finance, technology and sustainability.

Keywords: CBDC; Digital currencies; Financial markets; PRISMA; Sustainability; VOSviewer; e-money.