Central bank digital currencies (CBDCs) play a critical role in driving national digital transformation. While China’s CBDC, the electronic Chinese yuan (e-CNY), has been launched in several pilot cities, reports indicate low user stickiness. To address this issue, we applied behavioral reasoning theory (BRT) to develop a model and hypotheses. This model explores how personal values (such as openness to change), reasons for adoption (RFs: relative advantage, compatibility and perceived security) and reasons against adoption (RAs: usage barriers, inertia and a lack of usage scenarios) influence user attitudes and their stickiness to e-CNY.
A mixed-methods approach was employed, starting with qualitative research through semistructured interviews to identify key reasons for (RFs) and reasons against (RAs) e-CNY adoption. This was followed by a quantitative survey of 601 respondents, with data analyzed via partial least squares to test the proposed hypotheses.
Our findings indicate that openness to change increases RFs and reduces RAs. RFs positively influence user attitudes toward e-CNY, whereas RAs negatively impact these attitudes. Both RFs and RAs directly impact user stickiness, and they also influence it indirectly through user attitudes. Additionally, RFs and RAs partially mediate the relationship between openness to change and both user attitudes and user stickiness to e-CNY.
This study provides a deeper understanding of e-CNY stickiness by emphasizing the role of personal values (openness to change) and adoption-related factors in shaping user attitudes and stickiness. The findings provide practical insights for the government and businesses to collaborate in enhancing users’ stickiness to e-CNY.
