Abstract:
This study investigates the factors influencing the adoption of cryptocurrency among
students in Sri Lanka’s state universities. Although cryptocurrency adoption is
growing worldwide, Sri Lanka has shown a slower response, particularly among the
youth. University students, often considered early adopters of technology, are an ideal
group for exploring behavioural intentions toward cryptocurrency use. The research
applies three theoretical frameworks the Technology Acceptance Model (TAM),
Theory of Planned Behaviour (TPB), and Unified Theory of Acceptance and Use of
Technology (UTAUT) to identify and analyse four key factors: perceived benefits,
social influence, financial literacy, and technological self-efficacy. These factors
were examined in relation to students’ behavioural intention to adopt cryptocurrency.
Using a quantitative approach, data were collected from 384 students across 17 state
universities in Sri Lanka through a structured questionnaire. The questionnaire’s
reliability and validity were tested prior to data collection. The responses were
analysed using SPSS to conduct descriptive statistics, correlation, and regression
analysis. The findings reveal that perceived benefits, financial literacy, and
technological self-efficacy significantly and positively influence students’ intention
to adopt cryptocurrency, while social influence was found to have only a minor effect.
These results suggest that personal understanding and confidence in using digital
financial tools are stronger predictors of cryptocurrency adoption than peer influence
or external opinions. This study makes a valuable contribution to the limited local
research on digital finance in Sri Lanka and provides insights for policymakers,
educators, and technology developers seeking to improve cryptocurrency awareness
and adoption in the higher education sector.
