Publication Type
Journal Article
Version
acceptedVersion
Publication Date
5-2025
Abstract
Background: Trust in cryptocurrencies is a complex and evolving construct influenced by technological, economic, and social factors. Unlike traditional information systems that rely on institutional trust, cryptocurrency users often depend on underlying technology and community insights. Despite growing interest, existing research has primarily focused on narrow aspects of trust, with limited cross-national perspectives and comprehensive models.
Method: This study investigates how geographic differences impact user trust in cryptocurrencies by surveying 644 respondents from China, Germany, and the USA. Drawing on established trust formation theories, it utilizes a comprehensive model encompassing technological, economic, and social factors.
Results: Our analysis reveals multiple country-specific pathways to trust, indicating that no single factor is universally sufficient. Technological robustness and perceived economic benefits emerge as key enablers across contexts, while tolerance for financial risk mitigates the negative impact of economic losses. Cultural dimensions, such as individualism and long-term orientation, shape trust formation and vary across countries.
Conclusion: This study contributes theoretically by demonstrating that trust in cryptocurrencies is not monolithic but emerges from equifinal configurations of socio-technical conditions that vary by national context. Practically, the findings provide IT, finance, and accounting professionals with nuanced insights to tailor trust-building strategies according to local user expectations, enabling more effective design, communication, and regulation of crypto-enabled services across diverse markets.
Keywords
Cryptocurrencies, Bitcoin, Blockchain, Trust, Countries Comparison
Discipline
Accounting
Research Areas
Corporate Reporting and Disclosure
Areas of Excellence
Digital transformation
Publication
Pacific Asia Journal of the Association for Information Systems
First Page
1
Last Page
31
ISSN
1943-7536
Publisher
Association for Information Systems
Embargo Period
6-25-2025
Citation
PERDANA, Arif; LEE, W. Eric; LIM, Chu Yeong; PAN, Gary; and Seow, Poh Sun.
In crypto we trust: A cross-national comparison of factors affecting trust in cryptocurrencies. (2025). Pacific Asia Journal of the Association for Information Systems. 1-31.
Available at: https://ink.library.smu.edu.sg/soa_research/2086
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://aisel.aisnet.org/pajais_preprints/