Do national development factors affect cryptocurrency adoption?

Alnoor Bhimani, Kjell Hausken and Sameen Arif

Technological Forecasting and Social Change, 2022, vol. 181, issue C

Abstract: The adoption of cryptocurrencies is uneven across businesses, industries, and countries. Different forces drive cryptocurrency adoption (CA) dependent on the national level of development. We empirically assess the relationship between certain macro-national developmental indicators and cryptocurrency deployment across 137 countries. Linear regressions determine specific associations with cryptocurrency adoption. We report that CA correlates positively and in decreasing order with Education, the Human Development Index, the Network Readiness Index, the Gini index, Democracy, Regulatory Quality, and Gross Domestic Product, and negatively and in decreasing order with Control of Corruption, the Corruption Perception Index, and the Economic Freedom Index. We draw on our findings to point to policy implications tied to the usage of cryptocurrencies and blockchain technologies more widely and identify further research possibilities.

Keywords: Cryptocurrencies; Blockchain; Technology adoption; National development (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:tefoso:v:181:y:2022:i:c:s0040162522002657

DOI: 10.1016/j.techfore.2022.121739

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