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Cryptocurrency Adoption Among Millennials in Sri Lanka: An Examination of Behavioral Drivers Using UTAUT Framework.

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Bibliographic Details
Title: Cryptocurrency Adoption Among Millennials in Sri Lanka: An Examination of Behavioral Drivers Using UTAUT Framework.
Authors: Hettiarachchie, D. N. D., Dissanayake, Hiranya, Mendis, Oshani, Iddagoda, Anuradha
Source: IUP Journal of Accounting Research & Audit Practices; Jul-Sep2025, Vol. 24 Issue 3, p101-126, 26p
Subject Terms: MILLENNIALS, FINANCIAL literacy, CRYPTOCURRENCIES, MOTIVATION (Psychology), ADOPTION of ideas, EMERGING markets, INNOVATION adoption
Geographic Terms: SRI Lanka
Abstract: The paper examines the factors influencing cryptocurrency adoption among millennials in Gampaha District, Sri Lanka, focusing on the role of performance expectancy (PE), effort expectancy (EE), social influence (SI), facilitating conditions (FC), awareness (AW), and security (SE). Additionally, the study explores the moderating effects of financial literacy (FL) and age in shaping behavioral intention toward cryptocurrency use. A quantitative research approach was employed, using Partial Least Squares Structural Equation Modeling (PLS-SEM) to analyze data collected from 341 millennials through an online survey. The results indicate that AW, FL and PE are the most significant predictors of cryptocurrency adoption. Surprisingly, EE, SI and SE concerns did not exhibit significant direct effects on behavioral intention. Furthermore, age was found to moderate the impact of security concerns on adoption, with older millennials displaying heightened sensitivity to security risks. The findings contribute to the Unified Theory of Acceptance and Use of Technology (UTAUT) by highlighting the importance of FL and SE considerations in an emerging market context. [ABSTRACT FROM AUTHOR]
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Database: Complementary Index
Description
Abstract:The paper examines the factors influencing cryptocurrency adoption among millennials in Gampaha District, Sri Lanka, focusing on the role of performance expectancy (PE), effort expectancy (EE), social influence (SI), facilitating conditions (FC), awareness (AW), and security (SE). Additionally, the study explores the moderating effects of financial literacy (FL) and age in shaping behavioral intention toward cryptocurrency use. A quantitative research approach was employed, using Partial Least Squares Structural Equation Modeling (PLS-SEM) to analyze data collected from 341 millennials through an online survey. The results indicate that AW, FL and PE are the most significant predictors of cryptocurrency adoption. Surprisingly, EE, SI and SE concerns did not exhibit significant direct effects on behavioral intention. Furthermore, age was found to moderate the impact of security concerns on adoption, with older millennials displaying heightened sensitivity to security risks. The findings contribute to the Unified Theory of Acceptance and Use of Technology (UTAUT) by highlighting the importance of FL and SE considerations in an emerging market context. [ABSTRACT FROM AUTHOR]
ISSN:25835211
DOI:10.71329/IUPJARAP/2025.24.3.101-126