Developing a digital currency adoption scale: A validity and reliability study

Abstract

The primary purpose of the research is to develop and validate a comprehensive scale for measuring the adoption of digital currencies, aiming to provide a reliable tool for assessing the multifaceted nature of digital currency adoption. The methodology involved initial data collection through a pilot study with 35 participants in China, followed by focus group discussions with stakeholders to identify key factors influencing adoption. The findings of the study include the categorization of 64 statements into 15 groups, such as Perceived Benefits, Trust and Security, Regulatory Environment, and User Experience, providing a holistic understanding of the factors that drive digital currency adoption. The study emphasizes the importance of accurately measuring digital currency adoption to guide policy, practice, and future research in the field of digital finance. Limitations of the study include the focus on a specific geographical region (China), potentially limiting the generalizability of the findings. Future research directions include validating the Digital Currency Adoption Scale in diverse regions and conducting longitudinal studies to track adoption patterns over time. The original contribution of the study lies in the development of a comprehensive measurement scale for digital currency adoption, addressing a critical gap in understanding this evolving phenomenon.