A barrier, not a bridge: why Global Brand Presence hinders CBDC adoption plans in an emerging economy

Abstract

Purpose – This paper provides an alternative view of central bank digital currency (CBDC) adoption by addressing the critical gap between intention and implementation behavior. Moving beyond the standard focus on predicting user intention, we theorize and test two novel moderators, namely dispositional resistance to change (RTC) and socio-political perceptions of Global Brand Presence (GBP), as key factors explaining the transition from a general intention to the formulation of implementation plans in Vietnam. Design/methodology/approach – Following an initial instrument development stage involving focus groups and expert validation, a large-scale survey was administered to consumers in Vietnam, yielding 1, 547 valid responses after a rigorous data cleaning process. The conceptual model, grounded in an extended Unified Theory of Acceptance and Use of Technology (UTAUT) framework, was analyzed using partial least squares structural equation modeling (PLS-SEM). Findings – We find that: (1) GBP acts as a significant negative moderator, weakening the link between a consumer's adoption intention and their subsequent implementation behavior; (2) RTC, in contrast, was not a significant moderator in this context, a finding likely attributable to the young, digitally-native sample; (3) These moderating effects were tested within a robust foundational model where consumer trust and perceived benefits were confirmed as strong predictors of behavioral intention. Practical implications – The findings provide actionable guidance for central banks. Beyond building foundational trust and articulating clear user benefits, monetary authorities must manage the communication around international partnerships to mitigate socio-political risks and sovereignty concerns. A targeted, phased rollout may also be more effective than a universal launch. Originality/value – This study's novelty is threefold: (1) it introduces a more precise “intention-implementation” gap to the pre-adoption CBDC context; (2) it is the first to empirically validate the negative moderating role of GBP, challenging conventional branding theory in a sovereign context and (3) it offers a data-driven explanation for the contextual nature of RTC.