Systematic Literature Review on Central Bank Digital Currencies

This systematic literature review (SLR) provides a comprehensive overview of the academic literature on Central Bank Digital Currencies (CBDCs). With CBDCs rapidly transitioning from conceptual frameworks to real-world experimentation, the study addresses the critical question: What does the current literature reveal about the design, adoption and impacts of CBDCs, and where do research gaps remain? To ensure methodological rigor and quality, the review focuses exclusively on 157 peer-reviewed journal articles listed in the 2024 Academic Journal Guide (AJG) and indexed in the Web of Science (WoS). The analysis identifies three core thematic areas: CBDC design, adoption and impacts. In terms of design, key features such as anonymity, remuneration, programmability and integration with existing banking systems are found to significantly influence user demand with expected returns standing out as the most decisive factor. Regarding adoption, the findings reveal that incentives, institutional trust, usability and communication play central roles, while demographic effects vary across contexts. Finally, in assessing broader impacts, the review finds that CBDCs may enhance monetary transmission and fiscal transparency, affect bank intermediation, interact with cryptocurrency and payments markets, and offer promising applications in the context of sustainable finance. Beyond synthesizing fragmented insights, this SLR highlights several areas requiring further investigation. These include the behavioral and institutional consequences of programmable CBDCs, the role of media and public sentiment in adoption and the need for empirical validation of theoretical models. The study contributes to a clearer understanding of CBDCs as a rapidly evolving field, offering practical insights for central banks, researchers and financial stakeholders navigating this digital transition.