The Impact of Identified Determinants of Cryptocurrency Awareness among Young Sri Lankans

Abstract

Purpose: This study aims to investigate the impact of identified determinants of cryptocurrency awareness among young Sri Lankans, especially focusing on their financial literacy, financial market experience, computer self-efficacy, perceived benefits, and trust. Design/Methodology/Approach: This study employs a quantitative research design using a deductive approach. Accordingly, primary data collected from 375 undergraduates from different faculties at the University of Kelaniya was analyzed using descriptive statistics, correlation analysis, and regression analysis. Findings: The results of the study showed that there is a statistically significant impact of selected independent variables (financial literacy, financial market experience, computer self-efficacy, perceived benefit, and trust) on cryptocurrency awareness. In addition, the findings emphasize the importance of financial literacy and computer self-efficacy, suggesting the need for more educational initiatives to build up their awareness. The researcher recommended training programs for undergraduates to enhance digital skills, education on cryptocurrency risks, and collaboration with institutions to promote responsible investment and provide implications for academia and policymakers. Originality: As there are limited studies based on the social acceptance of cryptocurrencies among young Sri Lankans, this study uniquely focuses on young Sri Lankans, an under-researched demographic in the field of cryptocurrency adoption. While much of the existing literature centers on developed economies, this research highlights the importance of understanding cryptocurrency awareness in developing economies like Sri Lanka where economic conditions, technological infrastructure, and financial systems differ significantly.