The Antecedents to the Actual Use of Digital Currencies in Ghana

This study investigates the antecedents to the use of digital currencies in a developing country. In the digital currency literature, behavioral and technological antecedents that affect individuals’ behavior towards the use of digital currencies remain scanty. Drawing on Bitcoin, mobile money, and perfect money as some types of digital currencies, this research adopts the Technology Organization Environment (TOE) framework and the prospect theory. Based on 520 questionnaire responses, this research employs the partial least square structural equation modeling (PLS-SEM) technique. Results from the analysis reveal that technology competence, service, and agent trust, perceived risk, and cost have positive influences on the intention to use digital currencies. Behavioral intention influences the actual use of the technology. However, a country’s regulatory environment does not influence the intention to adopt digital currencies. The research provides important analytical advances and presents practical and economic consequences for the implementation of digital currencies.