WorkingPapersinEconomics&Finance2020-11Centralbankdigitalcurrencyandin-formaleconomyEunYoungOh,UniversityofPortsmouthShuonanZhang,UniversityofPortsmouthPortsmouthBusinessSchoolh<ps://www.port.ac.uk/about-us/structure-and-governance/organisaFonal-structure/our-academ-ic-structure/faculty-of-business-and-law/portsmouth-business-schoolFacultyofBusinessandLawCentralbankdigitalcurrencyandinformaleconomyEunYoungOh,ShuonanZhang∗,†UniversityofPortsmouth,EconomicsandFinance,Portsmouth,UK,PO12UPAbstractThecentralbankdigitalcurrency(CBDC)attractsdiscussionsonitsmeritsandrisksbutmuchlessattentionispaidtotheadoptionofaCBDC.Inthispaper,weshowthattheCBDCmaynotbewidely...