Do national development factors affect cryptocurrency adoption?

Alnoor Bhimani, Kjell Hausken and Sameen Arif

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

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; Technology adoption; Cryptocurrencies; Blockchain; National development (search for similar items in EconPapers)
JEL-codes: C50 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2022-08-01
New Economics Papers: this item is included in nep-fdg and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Published in Technological Forecasting and Social Change, 1, August, 2022, 181. ISSN: 0040-1625

Downloads: (external link)
http://eprints.lse.ac.uk/115237/ Open access version. (application/pdf)

Related works:
Journal Article: Do national development factors affect cryptocurrency adoption? (2022)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:115237

Access Statistics for this paper

More papers in LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library LSE Library Portugal Street London, WC2A 2HD, U.K.. Contact information at EDIRC.
Bibliographic data for series maintained by LSERO Manager ().