An Empirical Study on the Relevance of Enabler Factors on the Adoption of Cryptocurrency in India
摘要
The study seeks to address a set of factors that can influence the seamless adoption of cryptocurrency, the digitised money that is accessible via cryptographic codes. This study examines technological infrastructure, legal frameworks, governmental support, public awareness, social and cultural influences, and global interconnectedness. In this survey method, the primary data was collected using a snowball sampling technique. From among the 100 questionnaires distributed, 85 were further processed for statistical analysis, consisting of descriptive statistics. This aided in condensing the data into mean, standard values and the mean rank for each selected factor. Friedman’s test was employed to rank these factors according to their order of relevance for the seamless adoption of cryptocurrency. The study’s results indicated that the legal frame work is the most important factor, followed by governmental support. Global connectedness was identified as the least impactful factor among the others. The smooth and wider adoption of cryptocurrency across sectors hinges on the confluence of the multiple factors selected for the study. The research employed the technology acceptance model as the underpinning theory to empirically examine the factors influencing cryptocurrency adoption. This novel methodology fills a research void in a specialised, yet swiftly growing, digital currency sector. The approach is relevant amid the collective interest in cryptocurrencies among institutions, governments, and individuals. This paper exhibits the prominence of the ongoing research in the rapidly evolving financial domain.