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Original research CRYPTOCURRENCY ADOPTION: EVIDENCE FROM GHANA, NIGERIA AND VIETNAMPages 61-74 Abstract
This study examines the factors affecting cryptocurrency adoption in Ghana, Nigeria and Vietnam. Based on the Unified Theory of Acceptance and Use of Technology (UTAUT) and its extension, UTAUT2, we test a model that explains 62.3% of the intention to use cryptocurrencies quantitatively with SmartPLS. A structured questionnaire was designed and administered via Google Form to 756 participants around 20 years old and beyond. The results of the general models suggest that performance expectancy, effort expectancy, facilitating conditions, perceived risk, and financial literacy are determinants of intention to use cryptocurrency. Social influence and digital literacy are not determinants of intention to use cryptocurrency. A multigroup analysis result for Ghana, Nigeria and Vietnam shows that the relationship between performance expectancy and intention to use cryptocurrencies was significant across the three countries. Further, the finding reveals that effort expectancy and the intention to use were significant in Nigeria and insignificant in Ghana and Vietnam. Social influence, digital literacy, perceived risk, and intention to use were insignificant across the three countries. Facilitating conditions and intention to use were only significant in Ghana, and likewise, financial literacy and intention to use while they were not significant in Nigeria and Vietnam. This study is one of the initial attempts that examine the determinants of cryptocurrency adoption in three countries in a single study. This study underscores the need to consider the key variables influencing cryptocurrency adoption in emerging economies.
Keywords: Cryptocurrency, Unified theory of acceptance and use of technology, Ghana, Nigeria, Vietnam.
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Chijioke Nwachukwu 
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