AN EXPLORATORY STUDY ON THE FACTORS AFFECTING THE INTENTION TO USE CRYPTOCURRENCY AS A MEDIUM OF EXCHANGE

Abstract

This study explores the factors affecting the adoption of cryptocurrency for digital payments. The data were collected from 711 respondents who are cryptocurrency investors, using a well-structured questionnaire. Respondents were selected using purposive sampling technique and SPSS is used to analyze the data. The findings of the study showed, the intention to use cryptocurrency as money is currently lower even among people who are invested in cryptocurrency. The main reason for this lower level of adoption is the perceived threat that cryptocurrency may become illegal in the near future. This study offers ways in which we can increase the social acceptance of cryptocurrency for digital payments.