Factors Influencing Cryptocurrency Adoption Among Citizens of Selangor

Abstract

Purpose: Technological advancements and the increase in public interest in digital financial solutions have led to the rise of the cryptocurrency market. This is because cryptocurrencies are offering several advantages compared to traditional banking. However, cryptocurrency adoption among Selangor’s citizens remains low and leads to missed economic prospects. Thus, this study aims to investigate the key factors influencing the adoption of cryptocurrencies among Selangor’s citizens. Design/Methodology/Approach: This study employs a quantitative approach using surveys to gather insights from 300 Selangor citizens. This study will utilize convenience sampling techniques to administer questionnaires to 300 selected respondents from Selangor. Data analysis will be conducted using SPSS to provide in-depth statistical insights on the adoption patterns and motivations. Findings: This study is expected to reveal performance expectancy, effort expectancy, social influence and facilitating conditions are significant drivers of cryptocurrency adoption. Findings of this study will suggest that the perceived benefits, ease of use, social dynamics surrounding cryptocurrency use, and resource availability have a stronger impact on adoption decisions. Implications/Originality/Value: This study suggests that in order to encourage cryptocurrency adoption in Selangor, the Malaysian government's efforts should focus on raising awareness on cryptocurrency benefits and addressing social influences. Improving facilitating conditions and reducing the perceived complexity of cryptocurrency usage are also significant for promoting wider adoption.

Keywords

• Cryptocurrency
• Cryptocurrency Adoption
• Unified Theory of Acceptance and Use of Technology (UTAUT)
• Selangor Citizens
• The theory of planned behavior (TPB)