Published Online:July 2025
Product Name:The IUP Journal of Accounting Research & Audit Practices
Product Type:Article
Product Code:IJARAP0060725
DOI:10.71329/IUPJARAP/2025.24.3.101-126
Author Name:D N D Hettiarachchie, Hiranya Dissanayake, Oshani Mendis and Anuradha Iddagoda
Availability:YES
Subject/Domain:Finance
Download Format:PDF
Pages:101-126
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.
Cryptocurrency has emerged as a transformative financial innovation, gaining global recognition due to its decentralization, security, and potential for financial inclusion (Alalwan et al., 2018; Gomber et al., 2017).