Author ORCID Identifier

Date of Award


Degree Type


Degree Name

Doctor of Business Administration (DBA)



First Advisor

Dr. Qian (Cecilia) Gu

Second Advisor

Dr. Lars Mathiassen

Third Advisor

Dr. Vikas Agarwal


We are undergoing a period of change whereby analog structures are yielding to their electronic successors, known as digitization. This change envelops much of society, including the currency we use to transact, as it lacks the immunity to resist this evolution underway. In response, Central Banks around the globe are exploring digital versions of currency – known as Central Bank Digital Currencies (CBDCs) – with many in research and development, and some that have launched and are live in production. In parallel, we are also undergoing change through globalization as commerce and communications span international boundaries to bring people and organizations closer together. To effectively operate in this rapidly changing environment, financial system participants are seeking improvements for orchestrating cross-border payments which suffer from undesirable characteristics of being slow, expensive, lacking transparency, and exclusiveness. As digitization and globalization forces converge, CBDCs are positioned to provide cross-border payment solutions that are faster, cheaper, more transparent, and more inclusive, thus remedying existing limitations insofar as Central Banks make appropriate decisions during the CBDC design process. These design choices include Architecture, Interoperability, and Technology, all of which contribute to currency adoption outcomes. However, failure through limited adoption is expensive, time-consuming, and reputationally detrimental to a Central Bank, warranting careful consideration of these CBDC design choices. This challenge presents an opportunity to contribute guidance for practitioners by leveraging theory and practical considerations together in creating unified solutions. Accordingly, this study builds upon and extends the Diffusion of Innovation Theory by adapting it to CBDC diffusion and introduces a complementary model expressing how CBDC innovations are designed for diffusion. These theoretical advances follow a multivocal systematic literature review and provide scholars with new foundations for future research. The result is a set of intellectual tools, validated through semi-structured interviews with subject matter experts – the Model of CBDC Diffusion, the Model of CBDC Innovation, the CBDC Design Framework, and Initial CBDC Design Typology – that can aid Central Banks when considering their design choices in pursuit of CBDC innovations for cross-border payments.


File Upload Confirmation