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Examination of factors influencing the intention to adopt cryptocurrencies in Tanzania

Erasto Kidunda
Dickson Pastory


This paper examined factors influencing the intention to adopt cryptocurrencies in Tanzania. Specific objectives were to assess the roles of cryptocurrencies in Tanzania, to evaluate the risks of adopting cryptocurrencies to the existing financial and banking ecosystem and to examine the challenges of using cryptocurrencies in Tanzania. The study was carried out in Dar es salaam city. Purposive and snowball sampling technique were used to reach 368 respondents. The study employed quantitative method. Data were collected by using structural questionnaires and analyzed by employing regressions and correlation testing. Technology Acceptance Model (TAM) was used to formulate conceptual framework and hypotheses. The findings indicated that the perceived usefulness and the perceived ease of use showed positive association on the intention to use cryptocurrencies. The ease and usefulness of cryptocurrencies was found in fulfilling various roles including making instant international money transfer, transacting at low charges, using it as an alternative source of currency, making free anonymous transaction and paying for the online services that accept cryptocurrencies. On contrary, the perceived challenges and risks were insignificance to both the perceived usefulness and the perceived ease of using cryptocurrencies. The study concludes that cryptocurrencies such as Bitcoin can be used in Tanzania to fulfill various roles. Furthermore, the study concludes that, risks and challenges are the key factors that delays cryptocurrencies from being used as a legal tender in many countries including Tanzania. The study recommends to the government of Tanzania to consider establishing a cryptocurrency based in Tanzania. Also, the syllabus on blockchain technology particularly cryptocurrencies should be established in both school and higher education. Finally, the study recommends central bank to review the Tanzania monetary policy in order to accommodate this financial technology.

Journal Identifiers

eISSN: 2665-0681
print ISSN: 2546-2180