This paper aims to elucidate the factors influencing individuals’ cryptocurrency adoption within the distinctive socio-economic context of a developing country. It argues that encouraging financial innovation and understanding cryptocurrency adoption is crucial for businesses, regulators and researchers.
It investigates factors affecting cryptocurrency adoption by integrating the Theory of Planned Behavior (TPB), Innovation Diffusion Theory (IDT) and the Trust-Risk Framework. It employed Structural Equation Modeling (SEM) on data collected from 370 respondents.
Results indicate that attitude significantly influences intention to use cryptocurrency, with trust being the most influential factor shaping attitude. Relative advantage and compatibility positively influence attitudes toward cryptocurrency, whereas complexity has a negative effect. Observability was not a significant predictor of attitude. Interestingly, perceived risk positively affects trust in cryptocurrencies.
Findings reflecting the context of Türkiye may not be generalizable to countries with different cultural or legal contexts. The high education level of participants could introduce bias due to their likely higher technology literacy.
The findings inform various stakeholders about cryptocurrency adoption in emerging countries.
Understanding dynamics influencing attitudes and intentions contributes to socio-economic discussions on integrating cryptocurrencies into mainstream financial systems.
This research contributes to theory and practice by providing empirical insights into the dynamics of cryptocurrency adoption in emerging countries. By synthesizing established theories, this study advances understanding and enriches comprehension of the factors influencing adoption in emerging economies.
