Studi Preferensi Investasi Terhadap CBDC Sebagai Alternatif Aset Digital: Pendekatan Eksperimen Aplikasi Nudge Theory

Abstract

Transaksi digital yang meningkat pesat, disertai dengan keterbatasan aset digital yang ada seperti uang elektronik dan risiko volatilitas kripto, mendorong bank sentral untuk menerbitkan Central Bank Digital Currency (CBDC) sebagai alternatif aset digital yang resmi. Penelitian ini bertujuan untuk mengevaluasi preferensi alokasi investasi terhadap CBDC, serta menilai efektivitas intervensi nudging dalam memengaruhi preferensi tersebut. Eksperimen ekonomi dua tahap dilakukan pada empat kelompok mahasiswa IPB University. Partisipan melakukan simulasi alokasi dana ke enam jenis aset (Bitcoin, saham, deposito, cash holding, e-money, dan CBDC) sebelum dan sesudah menerima nudging berupa video edukatif atau narasi singkat. Data dianalisis secara deskriptif dan inferensial menggunakan uji t berpasangan dan uji multivariat. Hasil menunjukkan bahwa alokasi awal didominasi oleh aset konvensional seperti deposito dan Bitcoin, namun sesudah nudging, terjadi peningkatan signifikan pada alokasi terhadap CBDC, terutama pada kelompok video. Nudging visual terbukti lebih efektif dalam mengubah preferensi investasi, menegaskan relevansi strategi nudging dalam edukasi keuangan digital dan promosi adopsi CBDC.

The rapid growth of digital transactions, accompanied by the limitations of existing digital assets such as electronic money and the volatility risks of cryptocurrencies, has encouraged central banks to issue Central Bank Digital Currency (CBDC) as an official alternative digital asset. This study aims to evaluate investment allocation preferences toward CBDC and to assess the effectiveness of informational nudging interventions in influencing those preferences. A two-stage economic experiment was conducted involving four groups of students from IPB University. Participants simulated the allocation of funds across six types of assets (Bitcoin, stocks, deposits, cash holdings, e-money, and CBDC) before and after receiving a nudging intervention in the form of either an educational video or a brief narrative. The data were analyzed using both descriptive and inferential approaches, including paired t-tests and multivariate analysis. The results indicate that initial allocations were dominated by conventional assets such as deposits and Bitcoin. However, following the nudging intervention, a significant increase in allocation toward CBDC was observed, particularly among participants exposed to the video. Visual nudging proved to be more effective in shifting investment preferences, underscoring the relevance of nudging strategies in digital financial education and promoting CBDC adoption.