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Research papers on Cryptocurrency adoption

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  1. Determinants of cryptocurrency and decentralized finance adoption - A configurational exploration

    Linh Thi My Nguyen, Phong Thanh Nguyen · 2024 · Technological Forecasting and Social Change · 37 citations

    Over the past three decades, scholars have studied technology adoption and its determinants in many contexts. Nevertheless, this literature has remained silent in understanding the complex interdependency among these determinants and how such interdependency determines technology adoption. In this paper, we build on previous research to focus on the technological, social, economic, cultural, and political determinants of technology adoption. Using the Fuzzy-set Qualitative Comparative Analysis (FsQCA) with samples of 101 and 43 countries, we perform a configurational analysis to explore the interdependency among these five categories of factors and their causal effect on the adoption of cryp

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  2. Investigating the unexpected determinants of cryptocurrency adoption in the UAE

    Devid Jegerson, Charilaos Mertzanis, Mehmood Khan · 2023 · International Journal of Emerging Markets · 26 citations

    Purpose Financial inclusion provides access to financial infrastructure, facilitating money transfers. Therefore, blockchain and cryptocurrencies might boost worldwide financial acceptance. However, the UAE has one of the lowest cryptocurrency adoption rates. This study explores the UAE customer adoption and use of cryptocurrencies. Design/methodology/approach Using a scale, the authors created a structural model and obtained 270 responses from a snowball-distributed online questionnaire, assessed by five cryptocurrency specialists. Findings Performance expectations (PE), price value (PV), Hedonic motivation (HM) and consumer innovativeness (CI) were the most significant predictors of behavi

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  3. Investors Behavioural Intention of Cryptocurrency Adoption – A Review based Research Agenda

    B. R., P. Aithal · 2022 · International Journal of Applied Engineering and Management Letters · 17 citations

    Purpose: The current study investigates the behavioral intention to use cryptocurrencies. The study's major goal is to prioritize the key motivations behind it mainly Investment in cryptocurrency and to learn the investors behavioral intentions. Design/Methodology: This study examines whether different factors determine the investors towards cryptocurrency usage like Ease of use, Social Impact, Convenience, Trust, Price volatility, Individual believes, Privacy, Risk and Decision making. Findings: This research's findings are intended to provide useful information on behavioral intentions of cryptocurrency users and merchants will be able to construct a viable business strategy to stay compet

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  4. Cryptocurrency Adoption among Saudi Arabian Public University Students: Dual Structural Equation Modelling and Artificial Neural Network Approach

    Ali S. A. Alomari, N. L. Abdullah · 2023 · Human Behavior and Emerging Technologies · 13 citations

    Cryptocurrency is receiving widespread acceptance in the international market. Unfortunately, little attention is focused on the full identification of the cryptocurrency adoption factors, especially when it comes to emerging nations like Saudi Arabia. The current investigation is aimed at investigating whether the use of dual structural equation modelling and artificial neural network (SEM-ANN) would permit a better comprehension of the determinants of cryptocurrency adoption than the single-step PLS-SEM technique and explore the predictors of cryptocurrency adoption. An extended unified theory of acceptance and use of technology (UTAUT) model was used. A sample of 344 responses from Saudi

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  5. Determinants of Cryptocurrency Adoption Behavior in Malaysia

    Siew Chin Wong, Teng-Tenk Melissa Teoh, Kiew Heong Yap, et al. · 2022 · Jurnal Pengurusan · 10 citations

    Cryptocurrency has proven to be an enabling force for financial service transformation. It allows users to perform transactions via blockchain technology that bypasses the involvement of conventional financial intermediaries. In local context, the acceptance of cryptocurrency is rather low as compared with other developed countries. The requirement of large consumer market base is the main challenges for cryptocurrency’s adoption. Thus, the aim of this study is to determine the relationship between output quality, perceived accessibility, result demonstrability and perceived security and adoption behavior of cryptocurrency as an additional mode of internet/online transaction methods. The dat

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  6. Determinants of Cryptocurrency Exchange Adoption

    Abdou Illia, Assion Lawson‐Body, Simon Lee, et al. · 2023 · International Journal of Technology and Human Interaction · 9 citations

    Cryptocurrencies have become a global phenomenon, and the number of registered users of cryptocurrency exchange platforms has grown worldwide. However, only a small number of the registered users are active users that engage in actual transactions. In this study, the authors used a multi-theory approach to identify the key factors of the adoption of cryptocurrency exchanges and to develop a conceptual model that would have a potentially high explanatory power. The proposed model emphasizes the role of psychological innovation resistance, functional innovation resistance, technology readiness and trust, perceived risk and risk propensity, subjective norms, and critical mass of users. The auth

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  7. DETERMINANTS OF CRYPTOCURRENCY ADOPTION: EVIDENCE FROM AN EMERGING ECONOMY

    Antony Rahim Atellu · 2024 · Pressacademia · 3 citations

    Purpose- Cryptocurrency adoption has tremendously improved in Sub-Saharan Africa's emerging economies. Despite this trend, less emphasis has been placed on determinants of cryptocurrency adoption in such economies. This study extended the Theory of Reasoned Action (TRA), Theory of Planned Behavior (TPB), and Technology Acceptance Model (TAM), to examine aspects that determine cryptocurrency adoption in Kenya. The study findings may assist policymakers in developing a sturdy regulatory framework for adopting digital assets and monitoring Virtual Asset Service Providers (VASPs). Methodology- Data was collected through questionnaires from 400 students, graduates, and investors who had informati

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  8. A REVIEW OF MONETARY DETERMINANTS OF CRYPTOCURRENCY ADOPTION IN ISLAMIC FINANCIAL SYSTEM

    Afdzaal Jehabar Sadiq, Mohamed Aslam Akbar · 2022 · Journal of Information Systems and Digital Technologies · 3 citations

    This paper discusses the money and financial system from both the conventional and Islamic points of view. To further elucidate this topic, some aspects of the conventional financial system are discussed on the applicability from an Islamic perspective. Firstly, the advancements of technology that had led to the invention of cryptocurrency and how the Islamic financial system can evaluate the determinants of the adoption of such cryptocurrencies were reviewed. Secondly, the use of digital wallet and how it is encouraged by the government to increase transparency in the financial system and finally, the applicability of a dual-currency model, which covers the idea of revitalizing the dinar an

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  9. An empirical investigation of the determinants influencing cryptocurrency adoption in Kuwait

    Ahmed Elmorshidy, Issam A. R. Moghrabi, Mohamed M. Mostafa · 2024 · International Journal of Business Information Systems · 2 citations

    Although cryptocurrency's popularity has increased exponentially, virtually no studies have investigated the factors influencing its adoption in developing countries. This study uses the unified theory of acceptance and use of technology (UTAUT) model and the technology acceptance model (TAM) to investigate consumers' intention to adopt cryptocurrencies in Kuwait. The variable sets considered included demographic variables such as gender, age, educational level, income, and several cognitive and attitudinal variables such as performance expectancy, effort expectancy, facilitating conditions, social influence, perceived usefulness, perceived ease of use, and attitudes. Based on a large sample

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  11. UNDERSTANDING THE DETERMINANTS OF CRYPTOCURRENCIES ADOPTION AMONG YOUNG MALAYSIANS

    Akeem Olowolayemo, Abdallah Saidi Mpawenimana, SEIK YNG TANG, et al. · 2023 · Journal of Information Systems and Digital Technologies · 2 citations

    Currently around the world and especially in Malaysia, digital currencies are still in their nascent stage, especially among university students. Several groups like government establishments, the business community, and young generations among others have started to take considerable interest in the use of digital currencies for different forms of transactions. However, the potential of cryptocurrencies has not been entirely exploited to its fullest. This study examined the impact of digital currency adoption on the Malaysian economy through a quantitative design using an online survey. The population for this study includes young, educated people in Malaysia, specifically undergraduates an

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  12. Determinants of Cryptocurrency Adoption in Tanzania’s Banking Sector

    Thadei Kiwango, Repidius Muganyizi Kamala · 2025 · The Journal of Informatics · 1 citations

    Cryptocurrency is conceptualized as digital assets designed to function as mediums of exchange in Todays’ world. The objective of the study was to; evaluate the technological infrastructures and perception of Tanzanian consumers, as determinants to the adoption of cryptocurrencies in Tanzania’s commercial banks. The study employed a quantitative research design using surveys administered to 350 selected bank staff from ten commercial banks in Dar es Salaam and Dodoma. Data were collected through structured questionnaires and analyzed using descriptive and inferential statistical techniques. The findings indicate that both consumer perception and technological infrastructure significantly inf

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  14. CRYPTOCURRENCY ADOPTION: EVIDENCE FROM GHANA, NIGERIA AND VIETNAM

    Chijioke Nwachukwu · 2026 · Journal of Engineering, Management and Information Technology · 1 citations

    This study examines the factors affecting cryptocurrency adoption in Ghana, Nigeria and Vietnam. Based on the Unified Theory of Acceptance and Use of Technology (UTAUT) and its extension, UTAUT2, we test a model that explains 62.3% of the intention to use cryptocurrencies quantitatively with SmartPLS. A structured questionnaire was designed and administered via Google Form to 756 participants around 20 years old and beyond. The results of the general models suggest that performance expectancy, effort expectancy, facilitating conditions, perceived risk, and financial literacy are determinants of intention to use cryptocurrency. Social influence and digital literacy are not determinants of int

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  16. CRYPTOCURRENCY ADOPTION ACROSS ECONOMIES: A COMPARATIVE ANALYSIS OF MACROECONOMIC, TECHNOLOGICAL, REGULATORY, AND INSTITUTIONAL DETERMINANTS

    Zrinka Lacković Vincek, Vladimir Kovšca, Suzana Keglević Kozjak · 2026 · EMC Review - Časopis za ekonomiju - APEIRON

    This paper examines the determinants of cryptocurrency adoption across developed and emerging economies with the objective of identifying the key economic, technological, institutional, and regulatory factors influencing digital financial market development. The research is based on a structured literature review methodology that includes recent scientific publications, institutional reports, and industry analyses related to cryptocurrencies, blockchain technologies, stablecoins, and decentralised finance (DeFi). The study analyses how macroeconomic instability, technological readiness, institutional trust, and regulatory frameworks shape cryptocurrency adoption across countries and regions.

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  17. Determinants of Cryptocurrency Adoption Intention Among Young Adults: An Examination of Social Influence, FOMO, And Financial Literacy in India

    Srajan U. Kumar, Selva Kumar · 2026 · International Journal of Creative and Open Research in Engineering and Management

    The situation of cryptocurrency in India is a paradox because despite being amongst the top players in the grassroots crypto movement with an estimated 119 million users, India doesn't have any specific legislation and has one of the strictest tax frameworks in the world with tax on gains topped at 1 percent, no loss offset and a flat tax on gains. Although existing research on adoption has quite a lot to say about why adoption keeps increasing even with limited regulatory protection the reasons for this can be particularly pronounced among young adults, aged 18-25. In this study these three factors:- social influence (social media and peer and family influence), Fear of Missing Out (FOMO),

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  18. Determinants of Cryptocurrency Adoption: The Role of AI, Financial Literacy, and Technological Awareness

    Ninik Churniawati, Renita Selviana, Muhammad Mashudi Azrullah · 2026 · Studi Akuntansi, Keuangan, dan Manajemen

    Purpose: This study aimed to analyze the influence of technological awareness, financial literacy, Artificial Intelligence (AI), and personal innovation on the intention of the millennial generation in Pasuruan Regency to adopt cryptocurrencies and to explain the role of these factors in driving the acceptance of new technologies. Methodology: The research method involved 371,975 millennials in Pasuruan Regency, with a sampling technique using the Slovin formula with a margin of error of 5%. Data analysis was carried out using the Partial Least Squares (PLS) approach using WarpPLS 8.0 software. Results: The results of the study show that technological awareness, AI, and personal innovation h

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  19. Exploring the Determinants of Cryptocurrency Usage Intentions in Cambodia: A Quantitative Study Based on Technology Adoption Model (TAM)

    Evanuk Sarath, Bun-Teng Long · 2025 · AUB Research Series

    This study investigates the determinants influencing the intention to use cryptocurrencies in Cambodia, where research on this topic remains limited. Employing a quantitative approach, the study applies the Technology Acceptance Model 2 (TAM2) to examine key factors affecting user adoption. Data was collected through structured survey questionnaires distributed via social media platforms such as Messenger, Facebook, and Telegram. A total of 258 respondents with prior experience using cryptocurrencies participated in the study. Using multiple regression analysis, the findings reveal that electronic word-of-mouth (e-WOM), web/app quality, perceived risk, performance expectancy, and trust signi

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  20. Cryptocurrency Adoption Patterns in Developing Economies

    Ejiroghene Amanda Onohwakpo, Ugochi Linda Onyeanuforo · 2025 · Nigerian Journal of Sustainability Research

    This study examined cryptocurrency adoption patterns across developing economies using comprehensive data from 2018-2021. Through analysis of 45 developing countries, we identify key determinants of crypto adoption including financial inclusion gaps, currency stability, regulatory frameworks, and technological infrastructure. Our findings revealed that countries with higher inflation rates, lower banking penetration, and more favourable regulatory environments demonstrate significantly higher cryptocurrency adoption rates. The study contributes to understanding digital finance evolution in emerging markets and provides policy implications for fostering inclusive financial systems.

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  21. Exploring Cryptocurrency Adoption: A Study of Intention among Lebanese Users

    Raghid El Ali, Dr. Soumaya Mounir El Kaakour · 2023 · Advances in Social Science and Culture

    This study aims to comprehensively investigate the determinants of cryptocurrency adoption. Employing a structured questionnaire, the research assesses factors influencing individuals’ willingness to embrace cryptocurrencies, utilizing the Unified Theory of Acceptance and Use of Technology (UTAUT) model. The study considers key determinants, namely performance expectancy, effort expectancy, social influence, and facilitating conditions. Employing quantitative analysis, the study focuses on a 272 sample of Lebanese participants, revealing significant effects of effort expectancy, financial literacy, perceived trust, personal innovativeness, and price value on the intention to use cryptocurren

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