An Analysis into the Barriers to Cryptocurrency Adoption using the Innovation Resistance Theory and a Systematic Literature Review of Cryptocurrency Regulation

The main objective of this study is to investigate what the barriers to the adoption of cryptocurrencies are. The research initially looks at how the increase in the use of cryptocurrencies has influenced regulations in different countries. To achieve this a systematic literature review is conducted into research on cryptocurrency regulations. To investigate the barriers to adoption, a study model based on the Innovation Resistance Theory is used. A qualitative study is initially conducted using a survey with open-ended questions and completed by 20 respondents from different countries. The findings confirm that the study model is suitable for investigating barriers to the adoption of cryptocurrencies. A quantitative study is then further conducted with survey responses from 531 respondents from different countries. Of the respondents, 261 are current or previous users of cryptocurrencies, while 270 respondents have never used them. The analysis of cryptocurrency users found that psychological barriers have a negative and significant impact on user intention to adopt cryptocurrencies, while functional barriers have a negative but insignificant association with cryptocurrency adoption.