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Acceptance of IoT-based E-coin Track-and-trace: A Case of the Digital Euro Project in Italy

As the world becomes increasingly digitalised, there are growing concerns about the use of big data and machine learning techniques to monitor and control citizens’ spending habits. This is particularly the case regarding Central Bank Digital Currencies (CBDC), which are being trialled by an increas...

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Main Authors: Vergallo, Roberto, Casciaro, Simone, Ferilli, Greta Benedetta, Manco, Luigi
Format: Article
Language:English
Published: UUM Press 2024
Subjects:
HB Economic Theory
Online Access:https://repo.uum.edu.my/id/eprint/31237/1/JICT%2023%2003%202024%20421-464.pdf
https://doi.org/10.32890/jict2024.23.3.3
https://repo.uum.edu.my/id/eprint/31237/
https://e-journal.uum.edu.my/index.php/jict/article/view/23597
https://doi.org/10.32890/jict2024.23.3.3
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spelling my.uum.repo.312372024-08-11T05:05:32Z https://repo.uum.edu.my/id/eprint/31237/ Acceptance of IoT-based E-coin Track-and-trace: A Case of the Digital Euro Project in Italy Vergallo, Roberto Casciaro, Simone Ferilli, Greta Benedetta Manco, Luigi HB Economic Theory As the world becomes increasingly digitalised, there are growing concerns about the use of big data and machine learning techniques to monitor and control citizens’ spending habits. This is particularly the case regarding Central Bank Digital Currencies (CBDC), which are being trialled by an increasing number of countries. There is a perception that such currencies could violate privacy due to the centralisation of money liability. The aim of this research is to assess whether a universal e-coin level tracking service of money and public expenditures, available to everyone and inspired by Internet of Things (IoT) architectures and standards, could instil trust in institutions while increasing the acceptance of CDBCs. The research methodology comprises three key elements: (i) the conceptualisation and implementation of an IoT-based CBDC, (ii) a qualitative, technical and compliance assessment with regard to the specific reference to the Digital Euro (D€) project, and (iii) a survey we conducted among 351 respondents to ascertain the potential for CBDC acceptance within Italy. The results demonstrate that the prototype is a viable concept despite storage limitations. Furthermore, 73.83 percent of respondents who initially expressed scepticism indicated that they would be more inclined to adopt the CDBC instrument if a universal track-and-trace tool of money were made available UUM Press 2024 Article PeerReviewed application/pdf en cc4_by https://repo.uum.edu.my/id/eprint/31237/1/JICT%2023%2003%202024%20421-464.pdf Vergallo, Roberto and Casciaro, Simone and Ferilli, Greta Benedetta and Manco, Luigi (2024) Acceptance of IoT-based E-coin Track-and-trace: A Case of the Digital Euro Project in Italy. Journal of ICT, 23 (3). pp. 421-464. ISSN 1675-414X https://e-journal.uum.edu.my/index.php/jict/article/view/23597 https://doi.org/10.32890/jict2024.23.3.3 https://doi.org/10.32890/jict2024.23.3.3
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Institutional Repository
url_provider http://repo.uum.edu.my/
language English
topic HB Economic Theory
spellingShingle HB Economic Theory
Vergallo, Roberto
Casciaro, Simone
Ferilli, Greta Benedetta
Manco, Luigi
Acceptance of IoT-based E-coin Track-and-trace: A Case of the Digital Euro Project in Italy
description As the world becomes increasingly digitalised, there are growing concerns about the use of big data and machine learning techniques to monitor and control citizens’ spending habits. This is particularly the case regarding Central Bank Digital Currencies (CBDC), which are being trialled by an increasing number of countries. There is a perception that such currencies could violate privacy due to the centralisation of money liability. The aim of this research is to assess whether a universal e-coin level tracking service of money and public expenditures, available to everyone and inspired by Internet of Things (IoT) architectures and standards, could instil trust in institutions while increasing the acceptance of CDBCs. The research methodology comprises three key elements: (i) the conceptualisation and implementation of an IoT-based CBDC, (ii) a qualitative, technical and compliance assessment with regard to the specific reference to the Digital Euro (D€) project, and (iii) a survey we conducted among 351 respondents to ascertain the potential for CBDC acceptance within Italy. The results demonstrate that the prototype is a viable concept despite storage limitations. Furthermore, 73.83 percent of respondents who initially expressed scepticism indicated that they would be more inclined to adopt the CDBC instrument if a universal track-and-trace tool of money were made available
format Article
author Vergallo, Roberto
Casciaro, Simone
Ferilli, Greta Benedetta
Manco, Luigi
author_facet Vergallo, Roberto
Casciaro, Simone
Ferilli, Greta Benedetta
Manco, Luigi
author_sort Vergallo, Roberto
title Acceptance of IoT-based E-coin Track-and-trace: A Case of the Digital Euro Project in Italy
title_short Acceptance of IoT-based E-coin Track-and-trace: A Case of the Digital Euro Project in Italy
title_full Acceptance of IoT-based E-coin Track-and-trace: A Case of the Digital Euro Project in Italy
title_fullStr Acceptance of IoT-based E-coin Track-and-trace: A Case of the Digital Euro Project in Italy
title_full_unstemmed Acceptance of IoT-based E-coin Track-and-trace: A Case of the Digital Euro Project in Italy
title_sort acceptance of iot-based e-coin track-and-trace: a case of the digital euro project in italy
publisher UUM Press
publishDate 2024
url https://repo.uum.edu.my/id/eprint/31237/1/JICT%2023%2003%202024%20421-464.pdf
https://doi.org/10.32890/jict2024.23.3.3
https://repo.uum.edu.my/id/eprint/31237/
https://e-journal.uum.edu.my/index.php/jict/article/view/23597
https://doi.org/10.32890/jict2024.23.3.3
_version_ 1809150980060610560
score 13.211869

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