An Experimental Study on Anonymity of Central Bank Digital Currency

Last registered on November 28, 2021

Pre-Trial

Trial Information

General Information

Title
An Experimental Study on Anonymity of Central Bank Digital Currency
RCT ID
AEARCTR-0008059
Initial registration date
November 16, 2021

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
November 28, 2021, 5:29 PM EST

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

Region

Primary Investigator

Affiliation

Other Primary Investigator(s)

PI Affiliation
Seoul National University
PI Affiliation
Seoul National University
PI Affiliation
Bank of Korea

Additional Trial Information

Status
In development
Start date
2021-08-23
End date
2022-01-28
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
Privacy in the issuance of a central bank digital currency(CBDC) is an important and controversial issue. In this study, we aim to understand how much people care about privacy in the acceptance of CBDC through an information provision experiment. Different statements will focus on the privacy issue of CBDC by highlighting the degree of anonymity. Further, we will investigate privacy attitudes, behaviors and current payment method usage behavior to see how it relates to CBDC acceptability. Our sample will consist of 3,400 representative Koreans.
External Link(s)

Registration Citation

Citation
Bongseop, Kim et al. 2021. "An Experimental Study on Anonymity of Central Bank Digital Currency." AEA RCT Registry. November 28. https://doi.org/10.1257/rct.8059
Sponsors & Partners

Sponsors

Partner

Type
private_company
Experimental Details

Interventions

Intervention(s)
We conduct an online survey in South Korea. We recruit a nationally representative sample of 3,400 study participants (born in South Korea and aged 19 and above) in terms of age, gender, and education, through a survey company. The survey take approximately 20 minutes.
Intervention Start Date
2021-11-01
Intervention End Date
2021-11-19

Primary Outcomes

Primary Outcomes (end points)
Our primary outcome of interest is whether responses to CBDC usage vary depending on privacy-related CBDC scenarios. We provide different CBDC introduction schemes in terms of anonymity(between design). We are interested in whether reponses differ when purchasing privacy-sensitive goods and Privacy-insensitive goods(within design)

These outcomes are analyzed in relation to the following variables.

- Variables related to privacy
a) Privacy attitudes
b) Privacy behavior
c) Privacy knowledge

- Variables related to the payment method
a) Payment behavior
b) Factors that affect payment method choice
Primary Outcomes (explanation)
CBDC schemes are given differently (a) anonymity in design(personal identification and transaction information are stored simultaneously(combined) / separately / stored only for big amount); (b) comparison to current Private financial institutions and IT companies(mention/no mention). Then they are asked whether to use CBDC compared to other payments methods(cash, credit/debit cards) in buying Privacy-sensitive goods(adult goods, psychiatric services) / Privacy-insensitive goods(food, office supplies).

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
In CBDC scenarios Experiment, we conduct two-way randomization. Experiment is conducted in six arms. Participants in the arms are given statements about CBDC schemes that differ (a) anonymity in design(personal identification and transaction information are stored simultaneously(combined) / separately / stored only for big amount), (b) comparison to current Private financial institutions and IT companies(mention/no mention). Then, they are asked whether to use CBDC compared to other payments methods (cash, credit/debit cards) in buying Privacy-sensitive goods/Privacy-insensitive goods. These randomized trials lead to a 3x2 factorial design on the impacts of anonymity on CBDC receptivity.
Experimental Design Details
Randomization Method
Survey participants are randomly assigned to the treatment and control groups by the survey platform software used by the survey company.
Randomization Unit
survey respondent
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
None
Sample size: planned number of observations
3,400 respondents
Sample size (or number of clusters) by treatment arms
Around 570 respondents for each arm
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials

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IRB

Institutional Review Boards (IRBs)

IRB Name
Seoul National University Institutional Review Board
IRB Approval Date
2021-09-13
IRB Approval Number
2109/002-023

Post-Trial

Post Trial Information

Study Withdrawal

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Intervention

Is the intervention completed?
No
Data Collection Complete
Data Publication

Data Publication

Is public data available?
No

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials