Does Cryptocurrency Transactions Benefit ICT Businesses in Uyo Metropolis: Evidence from a Field Survey

Uduak Michael Ekong, Emmanuel Ogbe and Samuel Effiong Isaac
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Uduak Michael Ekong: Department of Economics, Faculty of Social Sciences, University of Uyo, Uyo, Akwa Ibom State, Nigeria.
Emmanuel Ogbe: Department of Economics, Faculty of Social Sciences, University of Uyo, Uyo, Akwa Ibom State, Nigeria.
Samuel Effiong Isaac: Department of Economics, Faculty of Social Sciences, University of Uyo, Uyo, Akwa Ibom State, Nigeria.

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Abstract: In this study, we examined the effect of crypto currency transactions on ICT businesses in Uyo with the objective of investigating the determinants of crypto currency ownership among ICT businesses and the effect of crypto currency transactions on their business performance through a survey of 60 specific ICT businesses within Uyo. Logit regression was used to examine the determinants of crypto currency ownership among ICT businesses while spearman's rank correlation was used to examine the relationship between crypto currency transactions and business performance. The survey data indicates that over 95 percent of respondents are aware of the existence of crypto currencies and over 60 percent says they have good knowledge of crypto currencies while majority of those who own crypto currencies are those with good knowledge of crypto currencies. Knowledge of crypto currencies, low transaction cost, transaction security, and the expected impact of crypto currencies on the monetary system were identified as significant determinants of crypto currency ownership while the rank correlation coefficient of 0.43 shows a moderate positive correlation between crypto currency transaction and business performance. It is recommended that public and private institutions should invest more in financial technology and consider ways to take advantage of crypto currency technology.

Date: 2021-11-02
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Published in Asian Research Journal of Current Science, 2021, 3 (1), pp.175-193

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05190559

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