Factors Influencing Cryptocurrency Adoption in Georgia

Abstract

Georgia is top of the list due to its tax restrictions on cryptocurrency mining activities. Furthermore, the overall costs of running a mining operation are substantially lower in Georgia. as Georgia takes place as the third biggest mining country in the world. The goal of this paper is to fill a deficiency in the existing literature that examines the present level of cryptocurrency acceptance, and adoption-influencing factors, offering an in-depth interpretation of these aspects and outlining certain problems associated with cryptocurrency adoption in Georgia. This study employs a quantitative approach, a total of 175 people did take part in the poll (out of 200 questionnaire respondents). The survey was held in a hybrid manner, with the questionnaire being distributed in April and May 2022 in various cryptocurrency-selling locations throughout Tbilisi, the capital of Georgia. A structural equation model was applied in the paper (SEM). The findings of the study confirm that the measurement items and constructs in the proposed model are reliable and valid. The result of the study found that there is a positive relationship between future reward, innovativeness, knowledge, and cryptocurrency adoption. Furthermore, it was found that innovativeness is significant as a mediator between future rewards and cryptocurrency adoption.