Investigating the unexpected determinants of cryptocurrency adoption in the UAE

Abstract

PurposeFinancial inclusion provides access to financial infrastructure, facilitating money transfers. Therefore, blockchain and cryptocurrencies might boost worldwide financial acceptance. However, the UAE has one of the lowest cryptocurrency adoption rates. This study explores the UAE customer adoption and use of cryptocurrencies.Design/methodology/approachUsing a scale, the authors created a structural model and obtained 270 responses from a snowball-distributed online questionnaire, assessed by five cryptocurrency specialists.FindingsPerformance expectations (PE), price value (PV), Hedonic motivation (HM) and consumer innovativeness (CI) were the most significant predictors of behavioural intention (BI). Surprisingly, BI is not a reliable indication of actual consumption. Facilitating conditions (FC) are the most accurate predictor of cryptocurrency usage (CU), indicating that adoption might be increased by providing the necessary structures and processes to lead users.Research limitations/implicationsThis research adds to the body of knowledge by examining the adoption and implementation of cryptocurrencies in the UAE and by developing and evaluating new constructs based on current notions. The study also contributes to the current understanding of cryptocurrencies and blockchain adoption.Practical implicationsThe conclusions of the research advise marketers on how to boost the commercialisation of cryptocurrencies in the UAE market and may pave the way for other studies to assist impending developments in the UAE cryptocurrency industry.Originality/valueThis research offers novel insights into significant predictors of cryptocurrency product uptake in the financial and banking business.