Cryptocurrencies Adoption in Uganda

Abstract

The purpose of the study was to establish the relationship between perceived usefulness, perceived ease of use, perceived trustworthiness, and Cryptocurrencies adoption. A self- administered survey questionnaire was employed to collect data from 368 Makerere university students, among which only 281 were useable. Content validity index and Expert judgment method were used to establish the validity of the questionnaire. Further, Cronbach’s alpha was used to measure the reliability of the study, ANOVA table, multiple linear regression analysis, and Pearson’s correlation were used to analyze the association between the variables.

Findings from Correlation Analysis revealed a positive significant relationship between perceived usefulness, perceived ease of use, perceived trustworthiness, and Cryptocurrencies adoption. Results from the regression analysis showed that perceived usefulness and perceived trustworthiness were significant determinants, while perceived ease of use was an insignificant predictor of cryptocurrencies adoption. Overall, the findings of our study showed a good and acceptable model fit.

The study concluded that if an individual perceives that using a cryptocurrency will be useful, easy to use and trusted, then they will be more motivated to use it. The researcher recommended that Cryptocurrencies platforms ensure their offer is perceived as useful, easy to use, and trusted which will enhance Cryptocurrencies adoption, this could be accomplished by educating clients about the benefits of cryptocurrencies, having them learn how they work, and fostering a culture of trusting their platforms by ensuring secure and safe transactions of customers’ information.

This study can be used by the Blockchain industry, cryptocurrencies clients, the Central Bank of Uganda, and future researchers to gain knowledge about the benefits and risks of cryptocurrencies Adoption and make informed decisions. Further, This study adds to the scant literature in the area of cryptocurrencies Adoption especially in Uganda, The respondents' pool of this study was limited to only Makerere University Students employing cross-sectional Correlational which were quantitative in nature , Future researchers can employ a diverse pool of respondents, the study can be conducted on a longitudinal basis and qualitative method can be employed, further investigating the impact of regulatory framework towards cryptocurrencies adoption in Uganda.