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Do national development factors affect cryptocurrency adoption?

Bhimani, Alnoor ORCID: 0000-0002-1884-5840, Hausken, Kjell and Arif, Sameen (2022) Do national development factors affect cryptocurrency adoption? Technological Forecasting and Social Change, 181. ISSN 0040-1625

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Identification Number: 10.1016/j.techfore.2022.121739


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.

Item Type: Article
Official URL:
Additional Information: © 2022 The Authors
Divisions: Accounting
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
JEL classification: C - Mathematical and Quantitative Methods > C5 - Econometric Modeling > C50 - General
Date Deposited: 30 May 2022 10:30
Last Modified: 20 Jul 2024 01:48

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