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Introduction
Cryptocurrency has emerged as an important technology-enabled digital currency facilitating consumers’ requirements for flexible, convenient and time-efficient payment systems (Huang, 2019; Salcedo and Gupta, 2021). Cryptocurrencies, which are seen as cutting-edge Fintech technologies, have grown quickly (Liu et al., 2022), disrupted financial markets and altered how the global economy functions (Albayati et al., 2020; Dabbous et al., 2022). However, the reactions towards cryptocurrency are generally mixed in nature ranging from the great invention to security concerns (Huang, 2019; Mendoza-Tello et al., 2019). CoinMarketCap.com, a cryptocurrency-tracking website, listed 21,688 cryptocurrencies as of October 2022. In terms of total market capitalization (as of October 2022), Bitcoin is the most valuable cryptocurrency ($398bn). Ethereum is the second most popular cryptocurrency ($191bn). According to blockchain data platform Chainalysis, global cryptocurrency adoption has increased by over 2,300% since the third quarter of 2019 and by over 881% in the previous year. In March 2020, after the Supreme Court overturned the Reserve Bank of India’s ban on cryptocurrencies, young Indian customers are flocking the crypto-selling platforms in the country. According to Global Crypto Adoption Index 2021 by blockchain data platform Chainalysis, India ranks second in global cryptocurrency adoption (Chainalysis, 2021). As per reports of various Indian financial research firms, since April 2020, Indians’ investment in cryptocurrencies has increased to over $10bn from $923m (Economic Times, 2021). In addition, the presence of crypto-exchange platforms in India has also facilitated trading in cryptocurrencies. Rapid price growth and excellent profits have motivated Indians to invest in cryptocurrencies as an investable asset.
Although cryptocurrencies offer an innovative solution to overcome the problems of traditional methods of electronic financial transactions, they have their own set of security issues and complications. Many scholars have examined the discouraging aspects of cryptocurrencies such as perceived risk and security concerns (Baur et al., 2018; Mazambani and Mutambara, 2020; Dabbous et al., 2022; Schaupp et al., 2022), lack of trust (Shahzad et al., 2018; Albayati et al., 2020; Arli et al., 2021; Ayedh et al., 2021; Ooi et al., 2021; Palos-Sanchez et al., 2021) and government restrictions on cryptocurrency acceptance (Shahzad et al., 2018; Albayati et al., 2020; Dabbous et al., 2022). Given such...