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<p>The adoption of Central Bank Digital Currency (CBDC) is gaining momentum worldwide, yet its successful implementation requires a thorough understanding of key challenges. This study examines critical barriers to CBDC implementation in India and explores their hierarchical relationships. Using a mixed-method approach—Systematic Literature Review (SLR), Total Interpretive Structural Modelling (TISM), and Matrice d' Impacts Croises Multiplication Applique a Classement (MICMAC) analysis—the study identifies ten key challenges based on expert insights from academia, banking, and regulatory bodies. The contextual relationship-based TISM model is divided into four hierarchical levels in which technical vulnerability, data privacy risk, interoperability, infrastructure cost, cyber risk, and conductive regulatory and legal infrastructure are placed on the lower layer which indicates that these are the significant barrier in CBDC implementation. These insights provide policymakers with a structured approach to addressing CBDC barriers. This study uniquely contributes to the literature by employing the TISM-MICMAC framework to craft a theoretical framework for the implementation of CBDC in the Indian context.</p>

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Decoding challenges in central bank digital currency implementation in India: a TISM-MICMAC approach

  • 期刊论文

  • 发表日期：

    2025年6月20日

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  • Megha Garg,
  • Shruti Malik,
  • Parveen Kumar

摘要

The adoption of Central Bank Digital Currency (CBDC) is gaining momentum worldwide, yet its successful implementation requires a thorough understanding of key challenges. This study examines critical barriers to CBDC implementation in India and explores their hierarchical relationships. Using a mixed-method approach—Systematic Literature Review (SLR), Total Interpretive Structural Modelling (TISM), and Matrice d' Impacts Croises Multiplication Applique a Classement (MICMAC) analysis—the study identifies ten key challenges based on expert insights from academia, banking, and regulatory bodies. The contextual relationship-based TISM model is divided into four hierarchical levels in which technical vulnerability, data privacy risk, interoperability, infrastructure cost, cyber risk, and conductive regulatory and legal infrastructure are placed on the lower layer which indicates that these are the significant barrier in CBDC implementation. These insights provide policymakers with a structured approach to addressing CBDC barriers. This study uniquely contributes to the literature by employing the TISM-MICMAC framework to craft a theoretical framework for the implementation of CBDC in the Indian context.