Cognition and Psychological Preference of Central Bank Digital Currency: Investigation and Empirical Analysis Based on E-CNY

Abstract

This study examines the public’s adoption preferences for China’s central bank digital currency (e-CNY) through an improved Unified Theory of Acceptance and Use of Technology framework. Analyzing 3509 consumer and 1630 retailer questionnaires, we investigate five psychological dimensions: perceived risk, cost, benefit, social influence, and marketing promotion. The findings reveal distinct adoption mechanisms: while perceived benefit drives both groups’ adoption intention, marketing promotion significantly influences consumers but shows a limited effect on retailers. Conversely, social influence substantially affects retailers while demonstrating minimal impact on consumers. Perceived cost negatively affects both groups, whereas perceived risk shows no significant deterrent effect. This research provides novel insights into CBDC adoption psychology and offers evidence-based guidance for differentiated promotion strategies targeting consumers and retailers, contributing to both technology adoption theory and CBDC implementation practice.