An Exploration into People’s Perception and Intention on Using Cryptocurrencies in Sri Lanka

Abstract

Introduction: This study delves into the determinants shaping the attitudes and intentions of individuals in Sri Lanka towards cryptocurrencies. The research focuses on four dimensions—Financial Knowledge, Technological Knowledge, Performance Expectancy, and Trustworthiness—utilizing a structured questionnaire administered to a randomly selected sample of 385 individuals from the Colombo District. Methodology: The research methodology involves the random selection of 385 individuals in the Colombo District, with data collected through a meticulously designed structured questionnaire. The study gauges people's attitudes and intentions towards cryptocurrencies based on four key dimensions: Financial Knowledge, Technological Knowledge, Performance Expectancy, and Trustworthiness. The independent variables include Financial Knowledge, Technological Knowledge, Performance Expectancy, and Trustworthiness, while the dependent variable is People's attitude and intention towards cryptocurrencies. Findings: Surprisingly, the study reveals a negative influence of Financial Knowledge on individuals' attitudes and intentions towards cryptocurrencies. However, Technological Knowledge, Performance Expectancy, and Trustworthiness exhibit positive influences on the same. Those who perceive cryptocurrencies as user-friendly, trustworthy, and beneficial are more likely to harbor favorable attitudes and intentions. Conversely, individuals with limited financial expertise may hold less favorable views on cryptocurrencies. The findings underscore the intricate factors influencing people's perceptions of cryptocurrencies in the context of Sri Lanka. Conclusion: This research seeks to establish the relationships between Financial Knowledge, Technological Knowledge, Performance Expectancy, Trustworthiness, and individuals' attitudes and intentions towards cryptocurrencies in Sri Lanka. Despite the unexpected negative impact of Financial Knowledge, the positive influences of Technological Knowledge, Performance Expectancy, and Trustworthiness indicate that perceptions are shaped by beliefs in the utility, simplicity, and trustworthiness of cryptocurrencies. The complexity of these factors is emphasized, shedding light on the nuanced nature of public perceptions regarding cryptocurrencies in Sri Lanka.