Does Financial Stability Moderate the Nexus between the Factors and Cryptocurrency Adoption as a Mode of Payment in SME Sector in Sri Lanka

Does Financial Stability Moderate the Nexus between the Factors and Cryptocurrency Adoption as a Mode of Payment in SME Sector in Sri Lanka

Nuwan. A.N¹; Bandara, H.G.K.N.²; Ranasinghe, D.K³; Heenkenda, S.⁴; Damayanthi. B.W.R⁵; Perera, A.M.⁶ & Bulankulama, S.W.G.K⁷

¹Business Management School, Gale Road, Colombo-6

^2,7Department of Economics, University of Rajarata, Mihintale,Sri Lanka.

³National Institution of Business Management, No 120/5, Vidya Mawatha, Colombo 07

^4,5Faculty of Humanities and Social Sciences, University of Sri Jayewardenepura, Sri Lanka.

⁶Department of Accountancy, University of Wayamba, Sri Lanka

*Corresponding author

DOI: https://dx.doi.org/10.47772/IJRISS.2025.905000173

Received: 28 April 2025; Accepted: 02 May 2025; Published: 05 June 2025

ABSTRACT

Cutting-edge technology has transformed virtually every area of global operations, prompting individuals to abandon traditional corporate practices in favor of a modern platform. Payment methods have evolved further towards virtual payment ways than ever before, and the global acceptance of cryptocurrencies is astounding. The purpose of this study was to examine the factors that contribute and degree of readiness of SMEs to accept bitcoin as a form of payment, with a special emphasis on SMEs in Sri Lanka. The study used a quantitative survey approach and collected 240 responses from SMEs registered with the Chamber of Commerce and the Ministry of Industry in Sri Lanka. Primary data were collected using a self-administered questionnaire approach, and descriptive and inferential statistics were utilized to evaluate them. The data indicate that respondents were excited about utilizing bitcoins as a payment mechanism. The study revealed that the SME sector in Sri Lanka is breeding ground for new payment technologies, particularly among male-owned SMEs in the service sector. Financial stability plays a greater role as a moderator which enables institutions to continuously enhance and reinvent their services, resulting in a more seamless and intuitive transaction experience. This study further revealed that social influence and trust go hand in hand, and trust has a big impact on the adoption of cryptocurrencies in particular where distrust in SMEs are greater challenge where perceptions of the rule of law is strongest. The findings implied that the transaction openness and more accessible information on the opaque legal issues around cryptocurrencies, particularly the distinct roles of the many regulatory authorities, platform security should be reinforced. Regular security audits, disclosing vulnerabilities and solutions, and responding to users’ complaints and inquiries must all be managed in a well-organized manner among the unorganized sector.

Keywords: Cryptocurrency Adoption, Perceived ease of use, Perceived usefulness, Trust, Cryptocurrency, social influence, SME

INTRODUCTION

Cryptocurrency is a breakthrough innovation in fiscal landscape that replaces traditional currencies with digital assets which offers decentralization, security, and anonymity (Kim & Park, 2018; Mutiso & Maguru 2020; Vasudevan & Piazza 2024). Current breakthroughs in financial technology have caused considerable evolution in global economies, particularly in the fiscal sector, influencing how individuals purchase and sell products and services. Due to its distinct benefits over established banking systems, cryptocurrency is currently being accepted as a form of payment more and more. The decentralization of cryptocurrencies is one of its main advantages since it enables peer-to-peer transactions without the need for middlemen like banks. This leads to cheaper transaction costs and quicker processing times, particularly for cross-border payments. Because every transaction is recorded on an immutable ledger, blockchain technology also improves confidence through security and transparency. Additionally, accessible, cryptocurrencies allow people in underbanked areas to take part in the global economy. In addition to drawing in tech-savvy clients, companies who embrace cryptocurrency are also putting themselves at the forefront of financial innovation as more acknowledge the need for digital currency transactions. Overall, cryptocurrency’s efficiency, security, and growing acceptability make it an appealing payment alternative in today’s digital market.

Cryptocurrencies represent a novel digital currency that functions in a distinct manner from cash-based payment systems. This currency is not subject to central authority regulation or financial institution tracking systems (Mutiso & Maguru 2020). Each cryptocurrency is supported by a peer-to-peer network called a blockchain, which makes sure that all of the cryptocurrencies are tracked via trading or digital wallets. The first cryptocurrency to trade on the market was the Bitcoin, which enables transactions between a buyer and a seller via a digital ledger system, guaranteeing the participants’ anonymity while enabling accuracy and transparency. Hileman and Rauchs (2017) assert that the ledger is decentralized and free from third-party intervention, meaning that no one owns it. Here, it is evident that, in contrast to rich nations, less money is used for cryptocurrencies in underdeveloped nations (Figure 2).

Figure 1: Cryptocurrency value received in Central and South Asian Countries

Source: (Chainanalysis, 2023)

The current business environment that small and medium-sized enterprises (SMEs) operate in is experiencing swift and unparalleled changes and uncertainties, which undoubtedly impact the updating of current strategies. In this study, the attention was given on Sri Lanka’s SME sector, which employs around 45% of the country’s workforce, makes up more than 75% of all business establishments, and contributes 52% of the country’s GDP (Gunawardana, 2020). However, following the pandemic and economic disruption, a notable 18.1% SME failure rate and a negative 26.4% company growth rate were noted (Shafi, Liu, & Ren, 2020; Sriyani, 2022; Ranasinghe, 2021; Nuwan et al., 2023). In light of this concern, SMEs can considerably benefit from using cryptocurrencies as a payment method because it has the potential to increase financial flexibility and minimize transaction costs. Accepting cryptocurrencies allows SMEs to reach a growing customer base that favors digital currency, particularly tech-savvy customers and foreign clientele. This can result in higher revenue and market reach.

Many entrepreneurs believe that the potential for radical innovation and entrepreneurship in financial solutions brought about by the proliferation of new Internet-based technologies is what is responsible for the birth of cryptocurrencies (Iyidogan 2018; Teo 2015). However, recent studies have made tremendous attempt to understand the historical growth and future prospect of fintech innovations, In light of this concern there has been a little attention given for the study focusing on the factors that are significantly influenced on the adoption of cryptocurrency by SMEs. Therefore, this study set out to find out how much Sri Lankan SMEs would embrace using cryptocurrency as a payment option.

Research Objectives

Research Aim

• To investigate the factors influencing the use cryptocurrency in SME sector in Sri lanka.
• To examine the moderation effect of financial stability between the factors and adoption of cryptocurrency in the SME sector in Sri Lanka.

LITERATURE REVIEW

Digital or virtual money that runs on decentralized networks powered by blockchain technology and employs encryption for protection is known as cryptocurrency (Nakamoto, 2008). Cryptocurrencies, in contrast to fiat currencies, are usually not governed by a single entity, rendering them impervious to intervention or manipulation by governments. The public database known as a blockchain records transactions involving cryptocurrencies, guaranteeing security and transparency. Any data string that has been written to represent a monetary unit is called a cryptocurrency (Das & Guharay, 2023). Theoretical models and empirical research that are pertinent to understanding the perceived utility, usability, and trustworthiness of digital currency adoption are Diffusion of Innovations theory, the Unified Theory of adoption and Use of Technology (UTAUT), technology-organization-environment (TOE) framework and the Technology Acceptance Model (TAM). Although there are different theories and each theory has its own perspectives, commons aspects were identified in relation to cryptocurrency adoption perspectives and transaction perspectives.

Perceived usefulness has emerged as an important factor in most empirical investigations on new technology adoption. This factor has also been used to predict the extent to which individuals would accept cryptocurrencies (Browne, 2017). Perceived utility is related to whether a user believes cryptocurrencies beneficial for making payments, investing, or acting as an inflationary hedge (Koeswandana & Sugino, 2023). Transaction speed, cost reduction, and financial empowerment through decentralized finance (DeFi) are some of the perceived utility factors that have been researched as influences on cryptocurrency adoption (Doblas, 2019).

Perceived ease of use, the second essential component of Technology Acceptance Model which has a major impact on people’s willingness to accept new technologies, like cryptocurrencies. Perceived ease of use, in Davis’ words, is “the extent to which an individual thinks that utilizing a specific system would require no effort” (Mendoza-Tello et al., 2019). Several research studies consistently indicate that the chance of technology adoption increases with perceived ease of use, intuitiveness, and user-friendliness (Dewani et al., 2020; Murugappan, Nair, & Krishnan, 2023). When it comes to cryptocurrencies, perceived ease of use can be measured by how approachable and user-friendly the technology is for a prospective user, which includes how simple it is to obtain, store, and transact in digital currencies as well as comprehend the blockchain, the underlying technology (Sheoran, Gupta, & Karanjule, 2023).

Trust towards the usage of financial technology (FINTECH) is crucial to the notion of dealing with financial transfers, and it is more important when digital currencies are involved. Trust plays an important role in the conventional banking industry since it is developed through third parties such as financial institutions or the regulated sector. Unlike banks and currencies, which are centralized institutions, the cryptocurrency industry is decentralized, with trust limited to individuals and technology (Santoso, Hardiyanti, & Setiawan, 2024). This reality alters the structure of trust and should even be reconsidered, as there are no controlling individuals capable of monitoring the issue and circulation of money (Sukumaran, Bee, & Wasiuzzaman, 2022). All user behaviors inside the realm of digital financial procedures are their responsibility (Vidhya & Murugesan, 2023). Trust towards digital currency plays a crucial role in security issues inside the bitcoin industry. Many security flaws in the digital money market have an impact on how trustworthy transactions using coins are (Adnan, Kumari, & Negi, 2022). As with money in general, virtual systems are vulnerable to fraud, hacking, and other illicit activity. People in general and Internet users in particular attribute the currency’s dependability to the precautions taken by its guardians. In this instance, the customer trusts the currency only if his digital assets are safe from hacking and the service incurs no direct revenue losses (Mazambani & Mutambara, 2020; Veerasingam & Teoh, 2023). Another critical concern is privacy. One advantage of digital systems is that they can give the user with more anonymity during activities, albeit this is dependent on the currency. VPN connections support a variety of user protection mechanisms (Amaro, 2017). The more privacy protections a business offers, the less user money is generated and the service operates.

Social influence is the other core component of digital currency which denotes the degree to which a person believes that individuals who are significant to them feel the person should utilize a new technology (Othman et al., 2022). On the one hand, social influence may be both a motivator and a deterrent to the widespread use of cryptocurrency. It is vital to note that other people’s conduct and attitudes influence a substantial portion of the decision-making process for whether or not to embrace currencies (Sandi & Oktavia, 2022). In particular, innovations are seen as more genuine and reliable when they are used by peers, friends, celebrities, and other influential persons (Vulisetty & Chittella, 2022; Saputri & Kurnia, 2023). However, if there is a general skepticism or disapproval of cryptocurrencies within a social group, social influence may also have a deterrent impact (Ben Saad, Allaya, Taârit, & Hchaichi, 2022).

In light of the above theories and concern, this study chose these four constructs namely Perceived usefulness, Perceived ease of use, Trust towards cryptocurrency usage and social influence as the influencing factors of cryptocurrency adoption and financial stability of the fiscal institutions was considered as the moderating factor. The financial stability of fiscal institutions promotes a resilient economic environment capable of withstanding shocks and sustaining sustained growth and stable fiscal institutions can work more effectively with international financial bodies to ensure coordinated responses to global financial challenges.

METHODS 

To accomplish the main purpose of the research, this study established the framework and research designing process consisted of three primary steps: selection of right unit of analysis, data gathering, and data analysis. In terms of the selection process, Sri Lanka lacks a well-maintained and developed SME list. However, the Chamber of Commerce and the Ministry of Industries maintain separate lists of SMEs. We consolidated these two lists and amalgamated them into a single database and after depletion of multiple entries, the final database consisted of 8438 SMEs for the study’s population. Accordingly, this database was considered as the newly created contact list of SMEs. After alphabetization of the list, a questionnaire was circulated among 360 SME leaders (180 SME units) randomly and received 240 SME leaders’ responses from 120 SME units. The sampling method is critical for the quality of the research since it identifies and evaluates how respondents were selected to participate in the specified study (Easterby-Smith et al., 2021). In keeping with the significance of sampling method, to extract the right subset of the complete entity and the source from which conclusions about the study issue can be drawn. Practically what we observe in the field, SME leaders have to participate at least 5-6 surveys per month and they have to repeatedly answer the same which leads to common method variance (CMV) issue. One strategy proposed to avoid this CMV issue is to collect data from multiple sources within the same organisation (Wall & Wood, 2005), specifically by selecting ‘key’ informants (one or more) who provide responses to questions about which they are more knowledgeable or that are more closely related to their areas of expertise (Huselid & Becker, 2000). As a result, we suggest that adopting a multiple-key informant approach to collect data is a possible way to expand understanding of the antecedents of organizational resilience. This approach enables the researcher to address the problems raised regarding the single-informant study strategy. At the beginning, we called each SME owner of 180 SME units and explained the purpose of the survey and asked to nominate another SME leader from the following positions those who have a sound understating and experience of FINTECH: Managing Director, Director, CEO, Finance Manager, and Accountant. In order to ensure validity and reliability of the data, a pilot test has been conducted involving 10 participants. It is revealed that Cronbach’s alpha value of this data outcome is greater than 0.7, ensuring the reliability of the research. Moreover, collected data was analysed by means of descriptive statistics which derives the central tendency of the data and how the responses are dispersed. Further, inferential statistics such as regression analysis and correlation to determine the strength of the relationship between the variables were used in this study.

RESULTS AND DISCUSSION

Descriptive and inferential statistics were used to evaluate primary data using SPSS 25 software. When research participants were asked to identify the SME sector in which they operated. The results showed that 14.7 operated SMEs in other minor industries, 15.5% operated in the manufacturing sector, 8% in trading, and 61.8% were in the services sector. Additionally, the findings revealed following statistics.

The Relationship between the Influencing Factors and Cryptocurrency Adoption

Correlation analysis was performed in this study to determine the degree of association between the factors and cryptocurrency adoption. The Pearson correlation coefficient was utilized in this study to show the strength of the associations which ranges from -1 to +1.

Table 1: Correlation between the Influencing Factors and Cryptocurrency Adoption

Based on the results of table 1, the Pearson correlation coefficient value of 0.852 indicated a strong positive relationship between Perceived Ease of Use and cryptocurrency adoption. Higher perceived ease of use is strongly associated with higher adoption of cryptocurrency. Literature also revealed that the easier and more user-friendly and intuitive a technology is perceived to be, the higher the likelihood of its adoption (Dewani et al., 2020; Murugappan, Nair, & Krishnan, 2023). In the context of cryptocurrencies, perceived ease of use may be reflected in how user-friendly and accessible the technology is for a potential user, meaning the ease of acquiring, storing, and transacting with digital currencies and understanding the underlying technology, the blockchain (Sheoran, Gupta, & Karanjule, 2023). The Pearson correlation coefficient value of 0.745 showed a strong positive association between perceived usefulness and cryptocurrency adoption. Higher perceived usefulness is strongly associated with higher adoption of cryptocurrency. In most of the empirical studies on new technology adoption, perceived usefulness has emerged as a critical factor that effect the adoption (Mobreros & Pañales, 2022; Gupta & Bagga, 2017). Strong positive association between trust towards the usage and cryptocurrency adoption is shown by the Pearson correlation coefficient value of 0.722. Increased acceptance of cryptocurrencies is closely correlated with increased faith in them. In contrast to digital currencies like cryptocurrencies, confidence in the conventional banking sector is built by third parties like financial institutions or regulated sectors (Arli, van Esch, Bakpayev, & Laurence, 2021). This hasn’t been looked at in the current study, which differs from the findings of the study by Arli, van Esch, Bakpayev, and Laurence (2021). The cryptocurrency industry is decentralized, with trust existing solely between an individual and technology, in contrast to banks and currencies, which are centralized institutions (Santoso, Hardiyanti, & Setiawan, 2024). There is a substantial positive connection between the independent variable and the Pearson correlation coefficient, which is 0.719. There is a clear correlation between increased social impact and increased bitcoin adoption. The results of empirical study have shown that social influence is correlated with an individual’s belief that significant individuals think they should embrace a new technology (Othman et al., 2022). Social influence has the potential to both promote and hinder the growth of cryptocurrency use.

Overall effect of the influencing factors and cryptocurrency Adoption in SME Sector

According to the study’s findings, the vast majority (83.3%) of respondents agreed that they would prefer to use cryptocurrency as a payment method over traditional payment methods. As a result, regression analysis was used to evaluate the extent to which the factors influenced cryptocurrency adoption among Sri Lanka’s SMEs.

Significance (Sig.) = 0.000 implies that the factors have an influence on cryptocurrency adoption. The total influence of the factors influencing cryptocurrency adoption is also assessed in the following Table 2.

Table 2: Total Influence of the Factors Influencing Cryptocurrency Adoption

Through the regression analysis outcomes, it is indicating that all variables significantly impact the adoption of cryptocurrency, with Trust being the most influential, followed by Social Influence, Perceived Ease of Use, and Perceived Usefulness. Trust and Social Influence go hand in hand which can be identified as a strong positive and significant predictors of cryptocurrency adoption while perceived usefulness and Perceived Ease of Use can be identified as a positive and significant second layer predictors of cryptocurrency adoption. Trust is an essential condition in digital transactions, given the possibility of fraud and Social influence also a positive and significant predictor of cryptocurrency adoption. The findings further contribute to an understanding of the determinants of adoption in general and cryptocurrency adoption in particular SME setting.

Table 3: Moderation Effect of Financial Stability  

Based on the above moderation analysis in table 2, it revealed that financial stability strengthen the relationship between Perceived Ease of Use and Adoption. The perceived ease of use of cryptocurrencies can be improved when financial institutions are fiscally stable enough to invest in thorough instructional programs and user-friendly technologies. By lowering perceived risks related to implementing new financial innovations, this stability also increases user confidence. Because they know that the organizations supporting cryptocurrencies are stable and able to efficiently manage any risks, users are therefore more likely to adopt. Additionally financial stability strengthens the relationship between trust and adoption as well as Social Influence and Adoption. By fostering a trustworthy and dependable environment that promotes good attitudes and actions, financial stability considerably improves the relationship between social influence and cryptocurrency adoption. Through collaborations, endorsements, and instructional initiatives, reliable financial institutions can leverage societal power to effectively promote the advantages and convenience of cryptocurrency use. Potential adopters are also reassured by this consistency that the risks involved with cryptocurrencies are controllable, which raises the legitimacy of social recommendations. since of this, people are more likely to be swayed by their social networks and embrace cryptocurrencies since they are certain that the organizations that support them are stable and able to guarantee their security and dependability.

DISCUSSION AND CONCLUSION

The findings showed that all cryptocurrency parameters have a substantial impact on cryptocurrency adoption, with trust being the most impactful, followed by social influence, ease of use, and perceived usefulness. The usage of cryptocurrencies allows for financial and payment independence, meaning that users may send and receive money with any user, anywhere in the world, without any limits. This is where trust plays a major part. Furthermore, the result reveled that positive peer pressure is important, but the most important factors influencing customers’ behavioral desire to use FinTech services are trust, social influence, cyber-security issues, and privacy concerns. Correlation analysis results also revealed a substantial positive link between the influencing factors and cryptocurrency adoption. Moreover, moderation analysis reveled that financial stability strengthen the effect between trust, social influence, ease of use with cryptocurrency adoption. The majority of empirical research have consistently determined that the more simple, user-friendly, and intuitive a technology is regarded to be, the greater the possibility of its adoption (Dewani et al., 2020; Murugappan, Nair, & Krishnan, 2023). It is determined that, in the context of cryptocurrencies, perceived ease of use is demonstrated by accessibility and user-friendliness, which increases users’ acceptance of the technology, particularly among SMEs (Sheoran, Gupta, & Karanjule, 2023; Gafar, Abenoh, & Ahmed, 2021).

RECOMMENDATIONS

The study discovered cryptocurrency as a payment method in SME sector allows for the replacement of trust in an intermediary by trust in the developed code and rules that specify how the network reaches consensus. This could increase the adoption of cryptocurrencies by enabling inexpensive and automated verification on distributed ledgers. Thus, we propose that the rise and use of cryptocurrency are caused by a decline in public confidence in banks and the financial system. We define mistrust as a lack of trust for brevity in our variable definitions. In areas where SMEs have less faith in banks and the financial system, we observe a higher level of activity when it comes to Bitcoin node operations. Financial authorities should be concerned about the association between bank distrust and bitcoin adoption, as financial stability and lawful transactions are crucial. We discover a positive correlation between the operation of a Bitcoin node and reduced industry concentration in the banking sector, which we interpret as higher banking competition. Ultimately, our findings provide credence to the theory that the development of the banking industry, criminal activity, and public mistrust of banks and the financial system are the main drivers of Bitcoin node infrastructure. On the other hand, our findings support the theory that the motivations of Bitcoin merchants are primarily risk appetite and criminal justice policies.

The user interface of cryptocurrency platforms should be designed with usability and intuitiveness in mind. Streamlining transaction processes, making digital wallet navigation easier, and constantly showing support resources to help new consumers are a few examples of such efforts. Because the technology is now more approachable, platforms will be able to display a bigger number of new consumers with a simplified use-case. However, credibility-building is crucial, especially in the digital currency industry. Platform security should be strengthened, along with transaction transparency and more approachable information regarding the legal murky areas around cryptocurrencies, including clear responsibilities for the various regulatory agencies. Frequently conducting security audits, disclosing vulnerabilities and their resolutions, and conversing with users on their worries and inquiries are a few examples of how to do this. Marketing plans should be created that take use of social proof as a means of promoting adoption in order to fully utilize social influence. Testimonials from reputable locals or prominent figures in the target demographic groups might be used to support this. To further enhance the acceptance of cryptocurrencies as a payment mechanism, partnerships with service providers and SMEs might be developed and expanded, which would improve user adoption of SME sector. Although, as far as we are aware, no thorough study has been conducted on the relationship between mistrust of banks and other financial institutions and support for Bitcoin, the topic of bank trust has begun to be examined in other fin-tech contexts. Consequently, complying with legislation can boost investor and SME’s trust since it shows a degree of legitimacy and oversight, especially when countries and regulatory organizations start to set up frameworks for cryptocurrencies.

REFERENCES

1. Adnan, M., Kumari, R., & Negi, J. S. (2022). Adoption of cryptocurrency, a novel entrant to asset class: measuring the perception of millennials. International Journal of Management (IJM), 13(6), 45-51.
2. Arli, D., van Esch, P., Bakpayev, M., & Laurence, A. (2021). Do consumers really trust cryptocurrencies? Marketing Intelligence & Planning, 39(1), 74-90.Available at: https://www.chainalysis.com/blog/central-southern-asia-cryptocurrency-adoption/. https://doi.org/10.1108/MIP-01-2020-0036.
3. Ben Saad, S., Allaya, A., Taârit, F., & Hchaichi, R. (2022). Towards a better understanding of the resistance factors of cryptocurrency spread. In Cryptofinance: A New Currency for a New Economy (pp. 63-86).
4. Ben Saad, S., Allaya, A., Taârit, F., & Hchaichi, R. (2022). Towards a better understanding of the resistance factors of cryptocurrency spread. In Cryptofinance: A New Currency for a New Economy (pp. 63-86).
5. Böhme R Christin N. Edelman B. &Moore T, (2018) Bitcoin: Economics, technology, and governance J. Econ. Perspecta. 29, 2 p. 213–238.
6. Browne, R. (2017). Big Transaction Fees are a Problem for Bitcoin — But There Could be a Solution. CNBC. 19 Dec. Retrieved From: https:// www.cnbc.com/2017/12/19/big-transactions-fees-are-a-problem-for-bitcoin.html.
7. Browne, R. (2017). Big Transaction Fees are a Problem for Bitcoin — But There Could be a Solution. CNBC. 19 Dec. Retrieved From: https:// www.cnbc.com/2017/12/19/big-transactions-fees-are-a-problem-for-bitcoin.html.
8. Bumin Doyduk, H. B. (2019). Impact of digital technology and the use of blockchain technology from the consumer perspective. Blockchain Economics and Financial Market Innovation: Financial Innovations in the Digital Age, 271-292.
9. Bumin Doyduk, H. B. (2019). Impact of digital technology and the use of blockchain technology from the consumer perspective. Blockchain Economics and Financial Market Innovation: Financial Innovations in the Digital Age, 271-292.
10. Chainanalysis, 2023. Is Central & Southern Asia the Future of Crypto? Here’s What Drives Crypto Usage in the Region Leading the Way in Grassroots Adoption. [Online]
11. 2024. CoinMarketCap: Cryptocurrency Market Capitalizations. Retrieved from coinmarketcap.com/.
12. Das, K. K., & Guharay, T. (2023). Future trends of cryptocurrency in India: A perception study. International Journal of Financial Engineering, 2350050. https://doi.org/10.1142/S2424786323500500.
13. Dewani, J., Ghodawat, M., Vadhera, S., Patel, M., Mishra, A., & Kotha, N. (2020). A research study on awareness regarding crypto currency among investors. International Journal on Integrated Education, 3(3), 114-125. https://dx.doi.org/10.31149/ijie.v3i3.297.
14. Doblas, M. P. (2019). Awareness and attitude towards cryptocurrencies in relation to adoption among college students in a private tertiary institution in Cagayan De Oro City, Philippines. International Journal of Advanced Research and Publications, 3(4), 15-19.
15. Gunawardana, N. (2020). A Sri Lankan Perspective on the Indo-Pacific Concept. Retrieved from The Lakshman Kadirgamar Institute website: https://lki. lk/publication/asri-lankan-perspective-on-the-indo-pacific-concept.
16. Gupta, R., & Bagga, N. (2022). How do skilled workers find jobs in India?: an assessment study of employment exchanges in India. Journal of Economic and Administrative Sciences.
17. Hileman, G., & Rauchs, M. (2017). 2017 global blockchain benchmarking study. Available at SSRN 3040224.
18. Huselid, M. A., & Becker, B. E. (2000). COMMENT ON’MEASUREMENT ERROR IN RESEARCH ON HUMAN RESOURCES AND FIRM PERFORMANCE: HOW MUCH ERROR IS THERE AND HOW DOES IT INFLUENCE EFFECT SIZE ESTIMATES?’By GERHART, WRIGHT, MCMAHAN, AND SNELL. Personnel psychology, 53(4).
19. Kim, J., & Park, H. (2018). Understanding Cryptocurrency Adoption among Generation Y: A TAM Approach. Youth and Technology, 4(3), 45-58. https://doi.org/10.1108/IJQRM-03-2023-0094.
20. Koeswandana, N. A., & Sugino, F. A. (2023). Intention to use cryptocurrency: Social and religious perspective. Journal Ekonomi & Keuangan Islam, 91-103.
21. Lee, J., Long, A., McRae, M., Steiner, J., & Handler, S. G. (2015). Bitcoin basics: A primer on virtual currencies. Bus. L. Int’l, 16, 21.
22. Lekshmi, R. S., Jawaharrani, K., Vijayakanthan, S., Nirmala, G., Dheenadayalan, K., & Vasantha, S. (2024). Original Research Article Digital assets for digital natives: Exploring familiarity and preference for cryptocurrency among millennials and Gen Z. Journal of Autonomous Intelligence, 7(3). https://doi.org/10.32629/jai.v7i3.1054.
23. Li, C., Khaliq, N., Chinove, L., Khaliq, U., Popp, J., & Oláh, J. (2023). Cryptocurrency acceptance model to analyze consumers’ usage intention: evidence from Pakistan. Sage Open, 13(1), 21582440231156360. https://doi.org/10.1177/21582440231156360.
24. Mazambani, L., & Mutambara, E. (2019). Predicting FinTech innovation adoption in South Africa: the case of cryptocurrency. African Journal of Economic and Management Studies, 11(1), 30-50.
25. Mendoza-Tello, J. C., Mora, H., Pujol-López, F. A., & Lytras, M. D. (2019). Disruptive innovation of cryptocurrencies in consumer acceptance and trust. Information Systems and e-Business Management, 17, 195-222.
26. Mobreros, M. G. M., & Pañales, H. M. (2022). The College Students’ Attitude and Likelihood Towards Cryptocurrency. NeuroQuantology, 20(11), 9005.
27. Murugappan, M., Nair, R., & Krishnan, S. (2023). Global market perceptions of cryptocurrency and the use of cryptocurrency by consumers: A pilot study. Journal of Theoretical and Applied Electronic Commerce Research, 18(4), 1955-1970.
28. Mutiso, A., & Maguru, B. (2020). An assessment of the adoption of cryptocurrency as a mode of payment by Smes in Kiambu County, Kenya. International Journal of Social Science and Economic Research, 5(7), 2000-2013.
29. Nejad, M. Y., Yung, G. L., Othman, J., Kssim, A. A. M., Khan, A. S., Lim, F. L. M. D., & Enbasakaran, P. (2022). Factors Influencing Cryptocurrency Awareness Among Young Working Adults in Malaysia: A Conceptual Paper. Malaysian Journal of Social Sciences and Humanities (MJSSH), 7(6), e001555-e001555. https://doi.org/10.47405/mjssh.v7i6.1555.
30. Nuwan, A. N., Bandara, H. G. K. N., Ranasinghe, D. K., Perera, D. A. M., & Bulankulama, S. W. G. K. (2023, February). A STUDY ON BANK FINANCING ON THE PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN SRI LANKA. In 11th Sri Lanka Economic Research Conference of the Sri Lanka Forum of University Economists (Vol. 89, No. 18.8, p. 134).
31. Othman, Z., Abdul Halim, A. S., Azman, K. F., Ahmad, A. H., Zakaria, R., Sirajudeen, K. N. S., … & Ahmi, A. (2022). Profiling the research landscape on cognitive aging: A bibliometric analysis and network visualization. Frontiers in aging neuroscience, 14, 876159.
32. Oza, S., Malik, S., Chirumamilla, V., Goel, S., & Bhargava, H. (2023). A Study on the Awareness and Perception of Investing in Cryptocurrency. International Journal of Banking, Risk & Insurance, 11(2). https://doi.org/10.1016/j.techsoc.2022.102059.
33. Sagheer, N., Khan, K. I., Fahd, S., Mahmood, S., Rashid, T., & Jamil, H. (2022). Factors affecting adaptability of cryptocurrency: An application of technology acceptance model. Frontiers in psychology, 13, 903473. https://doi.org/10.3389/fpsyg.2022.903473.
34. Sandi, W., & Oktavia, T. (2022). Analyzing the influence of cryptocurrency on the switching intention of Gen Z and millennials to use cryptocurrency as an investment asset. Journal of Theoretical and Applied Information Technology, 100(21), 6331-6345.
35. Santoso, I. H., Hardiyanti, W., & Setiawan, M. B. (2024). The Sandwich Generation and Cryptocurrencies: Trust, Product Knowledge and Reference Group as Triggers of Investment Intention. EKOMBIS REVIEW: Journal Ilmiah Ekonomi dan Bisnis, 12(2), 1931-1938.
36. Shafi, M., Liu, J., & Ren, W. (2020). Impact of COVID-19 pandemic on micro, small, and medium-sized Enterprises operating in Pakistan. Research in Globalization, 2, 100018.
37. Sheoran, M., Gupta, D. D., & Karanjule, A. (2023). Consumer behavior in cryptocurrency adoption. In A Research Agenda for Consumer Financial Behavior (pp. 197-212). Edward Elgar Publishing.
38. Sriyani, G. T. W. (2022). Impact of economic crisis and way forward for the survival of SMEs: A Sri Lankan perspective. Wayamba Journal of Management, 13(2), 79-99.
39. Sukumaran, S., Bee, T. S., & Wasiuzzaman, S. (2022). Cryptocurrency as an investment: The Malaysian context. Risks, 10(4), 86.
40. Tamtomo, A. P. S., Farhanah, N., & Setiawan, D. (2023). A Conceptual Model: Generation Z Cryptocurrency Investors’ Behaviors in the Era of the Covid-19 Pandemic. European Journal of Business and Management Research, 8(1), 112-115.
41. Vasudevan, S., & Piazza, A. (2024, February). Adoption of Bitcoin as a Payment Method: An Empirical Investigation of UK Small and Medium Businesses. In 2024 2nd International Conference on Cyber Resilience (ICCR) (pp. 1-5). IEEE.
42. Veerasingam, N., & Teoh, A. P. (2023). Modeling cryptocurrency investment decision: evidence from Islamic emerging market. Journal of Islamic Marketing, 14(7), 1817-1835.
43. Veerasingam, N., & Teoh, A. P. (2023). Modeling cryptocurrency investment decision: evidence from Islamic emerging market. Journal of Islamic Marketing, 14(7), 1817-1835. https://doi.org/10.1108/JIMA-07-2021-0234 .
44. Vidhya, S., & Murugesan, T. K. (2023). Investment Perception of Working Age Population Towards Crypto Currency in Sustainable Financial Market. In Digital Transformation for Business Sustainability: Trends, Challenges and Opportunities (pp. 223-231). Singapore: Springer Nature Singapore.
45. Vulisetty, S., & Chittella, D. Exploring the Potential of DeFi to Increase Financial Inclusion: A Study of Generation Y and Z. ANNUAL RESEARCH JOURNAL OF SCMS, PUNE, 103.
46. Wall, T. D., & Wood, S. J. (2005). The romance of human resource management and business performance, and the case for big science. Human relations, 58(4), 429-462.