An Analysis of the Process of Adopting Local Digital Currencies in Support of Sustainable Development

Abstract

Local digital currencies (LDCs) can be defined as technological platforms in which transactions occur between users without the use of any form of official tender. Although there is empirical evidence with regard to the sustainable development-related benefits of this type of currency, its use is still highly marginal and incipient, with relatively short lifecycles. To understand why LDCs have not gained a firmer footing or implementation in society and subsequently gain the ability to define a series of actions making this possible, an integrated model has been developed. Based on a review of the available literature, this model permits an analysis of the perceptions, beliefs, and attitudinal factors impacting upon the process of adopting this kind of currency. Based on a sample of 1559 subjects, the results obtained from the structural equation modelling performed provide important conclusions in terms of both the theory and the management of LDC-based communities, whether this is for the creation of new communities or the attraction of new users, or to consolidate existing communities or the participation of users once they have registered with them. Perceptions (attitude, subjective regulation, and perceived control), beliefs (compatibility, perceived utility, interpersonal influences, self-efficacy, and enabling conditions) and previous experience have a significant influence on the intention to be part of a community based on a local digital currency, with all that this implies for the defining of strategies to promote the use of LDCs.