From Skepticism To Acceptance: Unraveling The Dynamics Of Cryptocurrency In India

Abstract

Cryptocurrency, as subset of virtual currencies, does not require presence of central authority and works on peer-to-peer exchange system. The speculative nature of cryptocurrency attracts many investors. The market for cryptocurrency is characterized by exponential growth and high volatility. The objective of this paper is to analyse the factors affecting acceptance of cryptocurrency in India by extending technology acceptance model (TAM). Using structured questionnaire, the data were collected from 269 respondents from Gujarat. Multiple linear regression was used for analysis purpose. The findings affirm that social influence, perceived trust and perceived ease of use were major predictors of the acceptance of cryptocurrency in India. However, perceived usefulness and regulatory support were not significantly associated with intention to invest in cryptocurrencies. The study provides valuable information to service providers based on survey results.