Path Analysis ofMerchants' UseCentral Bank Digital Currency: Evidence from theDigital RMB

Central Bank Digital Currency (CBDC) has emerged as a key vehicle to disrupt the existing payment monopolies and foster deeper integration between the digital and the real economies, However, the promotion and widespread adoption of CBDCs still face multiple obstacles. Taking China as an example, this research explores the factors influencing of the willingness merchants’ willnes to adopt the digital RMB(E-CNY). From the perspective of merchants, the adoption of digital currency not only provide new payment options for consumers, but also contributes to building a more competitive and diversified payment ecosystem.Based on network effects and the Technology-Organization -Environment (TOE)framework, this studyconstructs a comprehensive model of E-CNY adoption factors across three dimensions:technological adaptations, organizational supportsand environmental pushes, Utilizing Structural Equation Modeling (SEM) and fuzzy-set Qualitative Comparative Analysis (fsQCA), the study explores the complex interplay among multiple antecedent conditions and merchants' usage behavior.