Hala S. Al-abawi




Bassam A. Alyouzbaky



00964 774 085 6475 

Abstract :

Cryptocurrencies are a form of digital assets and a way to conduct financial transactions using information and communication technology. This study aims to know the extent to which Iraqi society accepts human capital to use digital currency in commercial transactions as an alternative to traditional currencies. The technology acceptance model TAM was used as a theoretical basis for the study and several influencing factors were identified including the perceived trust, intrinsic financial efficiency, and the perceived security of the technology, as well as the components of the TAM model of ease of use, perceived usefulness, and behavioural intention. An electronic questionnaire was prepared to collect data and 215 answers were collected using the Likert scale. After analyzing the data statistically using structural equation modelling, and testing the study hypotheses based on the statistical program AMOS 24, the study concluded that perceived security does not affect perceived usefulness and that perceived confidence does not affect perceived usability, while financial self-efficacy affects both perceived usefulness and perceived usability.

Keywords: digital currency, technical acceptance model TAM, bitcoin.

استخدام نموذج القبول التقني لقياس إمكانية تبني العملة الرقمية

من قبل رأس المال البشري العراقي

هالة سعد العباوي

 بسام عبدالرحمن اليوزبكي

المستخلص :

العملات الرقمية هي شكل من أشكال الأصول الرقمية وهي وسيلة لاجراء التعاملات المالية بالاعتماد ICT  تهدف هذه الدراسة لمعرفة مدى قبول وتبني المجتمع العراقي لاستخدام العملة الرقمية في تعاملاتهم بديلا عن العملات التقليدية حيث تم استخدام نموذج القبول التقني TAM3 باعتباره الاساس النظري للدراسة وقد تم تحديد عدة عوامل منها الثقة المتصورة والكفاءة المالية الذاتية والأمان المتصور من هذه التقنية بالإضافة الى مكونات النموذج TAM3 المتمثلة بسهولة الاستخدام والفائدة المتصورة والنية السلوكية، تتلخص المشكلة بفهم قدرة البيئة المحلية على تبني العملة الرقمية بوصفها احد التقنيات، مهمة هذه الدراسة هي تحديد وقياس العوامل التي تؤثر على الغرض من استخدام العملات الرقمية من خلال استخدام نموذج قبول التكنولوجيا لقياس وتقييم مدى تقبل هذه العملة في المجتمع العراقي تظهر النتائج أن لها تأثير سواء بشكل مباشر او غير مباشر على النية وراء استخدام العملات الرقمية و تقبل هذه العملة  إلى جانب عدم التأكد فيما يتعلق بجوانب الثقة ومزودي الخدمة. توفر النتائج قيمة وفائدة لتعزيز جوانب الأمان والخصوصية لصياغة خيارات اكثر ضماناً، تم الاعتماد على الاستبانة الإلكترونية في تحصيل البيانات وتم جمع 215 من الردود، و باستخدام مقياس ليكرت و بعد تحليل البيانات إحصائيا واختبار فرضيات الدراسة بالاعتماد على البرمجية الإحصائية AMOS 24 تم تقييم هياكل النموذج عن طريق النمذجة بالمعادلات الهيكلية لتقييم جميع المسارات.

الكلمات المفتاحية : العملة الرقمية ، نموذج القبول التقني TAM3 ، البيتكوين .

  1. Introduction

Digital currency is an effective medium of exchange that enables users to purchase goods and services available in digital form (Mullan, 2016) the term includes all virtual currencies, as well as digital currencies issued by central banks (CBDC), and the use of digital currency units, which is a store of value and an accepted standard for deferred debt repayment, and account holders can use the online digital currency as a savings account to store long-term value, so they consider it more correct to name a crypto asset. The origin of crypto assets goes back to 1998 when Chinese engineer Wei Dai) developed a cryptocurrency system called b-money that enables individuals to create units of value by solving some complex mathematical problems. Then came the shift in the issuance of these assets in 2008, which saw the emergence of blockchain technology by an anonymous person or group known as “Satoshi Nakamoto” based on a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” Laying the foundation for the emergence of the crypto asset system.

In recent years, the use of digital currency has grown, and the importance of its use has increased as a result of this growth and the challenges involved and the restrictions that impede the use of digital currency in Iraq, including:

Security aspects and money laundering operations.

It may have negative effects on the economic reality due to the absence of advanced technological systems.

Tax issues on digital currency transactions from the side of the state and the side of users.

Exit and entry of money without supervision from central banks, being transactions via the Internet and being speculative that could lead to the exit of funds that had an opportunity for real investment and creating job opportunities from the markets of developing countries.

The problem is to understand the ability of the local environment to adopt digital currency as one of the technologies, it is necessary to encourage the adoption of the use of digital currency to keep pace with technological progress and enter into global and transfer money and transactions via the Internet in this contemporary technology in addition to the dynamics of factors that predict the use of digital currency (Jeffrey, 2015). After reviewing the literature, it became clear that there is a lack of guiding rules motivating the use of digital currency over the Internet, including:

Countries deal with digital currency to control it, know the volume of dealing, and encourage central banks to control it.

Not having the technical capabilities to deal with these currencies.

An opportunity to change the global monetary system and the dominance of the dollar currency, and to find an alternative to it in financial transactions.

The organized trend towards the use of digital currency through support and purposeful use moves the wheel of the economy towards continuity and growth.

The emergence of the financial crisis in 2008, in addition to the Corona pandemic, the fragile growth rates in the economy, the decline in global trade rates, and fears of recession, all stimulated the use of digital currency.

Also, the need to understand the important factors that lead to the acceptance of digital currency services via the Internet and its rapid spread, in addition to trust is more important in the environment of dealing with digital currency, as it is an environment characterized by risks and the absence of guarantees due to the decentralization that characterizes the digital currency and the absence of control over its transactions. Building factors to support confidence and its positive effects in dealing with digital currency in a manner consistent with the needs of users, such as providing good knowledge of technology and making profits quickly compared to regular paper currency to meet the needs and requirements of users as well as providing an exciting information flow, some questions can be identified:

Does perceived usefulness affect the adoption and use of digital currency?

Does perceived ease of use affect the adoption and use of digital currency?

Does the perceived quality of service affect the adoption and use of digital currency?

What are the factors and practices that may affect the acceptance of the use of digital currency?

What are the requirements for adopting and supporting this technology?

The scope of the application of the research was on the Iraqi society, where the electronic questionnaire was used, and the data that was used in the practical aspect of the study was obtained. The researcher used the quantitative approach based on the (Likert) scale.

  1. Literature review

Digital currency has attracted great attention in recent years and public authorities and central banks around the world are closely monitoring developments in these currencies, and due to the recentness of this topic, most of the studies and research on the scene deal with digital currency and its characteristics and effects in general. (Wegdell & Andersson, 2014) discussed the potential significant impact of the digital currency represented by (Bitcoin) on the financial industry in order to investigate its characteristics, and the researchers concluded that the digital currency (Bitcoin) is considered a major innovation, It will be developed as a complementary tool in the financial industry. While (Kristoufek, 2015) studied the investigation of the factors affecting the prices of the digital currency (Bitcoin) and claimed that they contradict the prevailing belief that Bitcoin is not a speculative tool, and the factors affecting the price of Bitcoin were given such as market penetration as an exchange tool, the available amount and the price level, and from By looking at the huge fluctuations that have occurred, the researcher has concluded that Bitcoin is still far from being a financially safe haven. As well as using them in money laundering and facilitating illegal operations, despite all these risks, talking about digital currencies is gaining great importance with time, such as the expansion currently taking place in electronic buying and selling operations. The increasing trend on these currencies may lead to ignoring central banks’ role in liquidity management. The risks of the digital currency also emerged through the study (Nelson, 2018) represented by their impact on the risks of financial and monetary policy for digital currencies, and that many of the problems of financial stability and monetary policy associated with digital currencies are far from what is related to monetary policy, and digital currencies are not likely to replace paper currencies, and therefore they lead to minimal risks for monetary policy, and the Conclusion that a digital currency is not expected to be adopted instead of a paper currency, because it may not be trustworthy, and it does not seem reasonable that people would want to switch to a currency that is subject to fraud or technical errors without any person, company or government behind it.

Despite the previously mentioned negative results, dealing with this currency has many benefits, (Bordo & Levin, 2017) showed that a central bank digital currency can change all aspects of the monetary system, facilitating systematic and transparent monetary behaviour. The central bank is likely to be the issuer and lender of the digital currency. Bilir & Cay (2016) have argued that this currency is of significant importance in financial markets and in maintaining its stability. Some have sought to improve the efficiency of digital currency and work to develop it, with (Fung & Halaburda, 2016) proposing a framework for evaluating why a central bank should consider issuing a digital currency and how to implement it to improve retail efficiency. The payment system provides a framework for studying the features that this currency should have to improve system efficiency and promote adoption and use. Technological advances will likely continue to produce innovative payment products that can bridge current payment gaps in ways that we cannot currently anticipate. (Roussou et al., 2019) presented the commercial perspective towards the adoption of digital currencies as a means of daily transactions, by considering these currencies as a leading technical innovation, and proposed a research model that combines a decision-making model, innovation and acceptance technology model, in addition to building the expected security to investigate the factors that affect actual use For digital currencies, the results confirmed that expected security and interest are the main factors directly influencing the commercial adoption of digital currencies, with alignment with current values ​​and practices having an indirect impact. It was found through Studies that shown that digital currency can be considered an innovation, can be adopted, developed and possibly accepted in general if it is based on fast and convenient transactions, and can be traded and considered as an inexpensive way of trading. And some consider it an unsafe currency as a result of the fluctuations that occur and because of its investment risks such as fluctuations in its prices and therefore it cannot be traded or dealt with, some have suggested an evaluation framework through which this currency was issued and approved as a means of daily transactions, where the innovation-decision model was combined with the acceptance model Technology to show the direct and indirect effects on commercial adoption of digital currency.

In this research, we seek to measure the possibility of adopting digital currency by using the technology acceptance model in Iraqi human capital. Human capital is a qualitative dimension of human resources, such as the experience and skills that an individual possesses that affect his productive capacity, which improves skills and knowledge through education and good health, in addition to the quality of these skills and knowledge possessed by these individuals and how to benefit from them for the benefit of the organization in which they work, being an element Production is important and immaterial so it can only be seen through changes in performance after training and education of individuals (Bawono, 2021). Knowledge is a unique product and a key production factor in the global economy and trends that make managing and evaluating human assets more difficult, including the rapid growth of technological innovation, changing workforce characteristics, customer relationships, global competition, and new experiences for organizational structures. Here the importance of human assets appears, in addition to changing the perspective of traditional (capitalist) economic growth, as well as the monetary system, especially with regard to the inclusion of digital currencies, in light of renewable energies, knowledge, and usable data, which are: they are considered the most important assets at the present time and the basis for a sustainable and new economy. By focusing on human capital practices and considering human capital as data, the radical distinction between data, information, and knowledge in order to create self-value through dynamic activities and that practical application is affected by the internal and external environment of technological markets and their accelerating impact on the means of value creation and management of self-assessment and risks and that the interpretation of the transition to a new currency and a system that already exists is related to the existence of master data, processing and human cognitive limitations, contributes to the discussion of the synthesis of energy and information, and linking information processing with the psychological characteristics of the human being. This illustrates the lack of options for monetizing human capital (ie making human capital into money) and the problem of distinguishing who is the origin and who is the responsibility, digital currencies offer an alternative option to a monetary system by developing several secure platforms for value exchange and institutionalizing its legal infrastructure as it provides a solution to the two previous issues related to human capital, and the transition to a new monetary system to enable competing exchanges of digital currency (Russ, 2014).

  1. Theoretical Framework

 There are several factors affecting the user’s decision related to the acceptance of technology. Several theories emerged that showed and explained the factors that affect the desire to use technology. Several theories and models for accepting technology and continuing to use it were applied to provide, explain and understand the determinants of the adoption and use of IT, including the theory of causative action and the Theory of Reasoned Action TRA (Farrell et al., 2016), Innovation Diffusion Theory (Rogers, 1983), TAM is designed to model user acceptance of information systems or technologies.

Davis (1989) used the acceptance model to explain the behaviour of computer use, and it may be represented by clarifying the general determinants of computer acceptance that lead to explaining the behaviour of users by which the original TAM model and tested the perceived usefulness: The possibility of self-use, and perceived ease of use which means the degree that the potential user expects the target, and the person’s belief may be affected by other factors that are considered as external variables in the technology acceptance model, this was the first modification to the original model, then a final version of the acceptance model was formed by (Venkatesh & Davis, 1996) after it was found that the main purpose of each of the Perceived usefulness and perceived ease of use have a direct effect on the intent of the behaviour and thus bypassing the need to analyze it.

TAM 2 Venkatesh & Davis  (2000) suggested more detailed explanations of the reasons why users found a particular system useful at (3) time points: pre-implementation, one month after implementation, and three months after implementation (Lai, 2017), states TAM2 theory that users’ mental evaluation regarding the compatibility between job-important goals and the results of performing job tasks using the system serves as the basis for forming perceptions related to the usefulness of the system. The results revealed that (TAM2) performed well in both the voluntary and obligatory environment (Lai, 2017), (Venkatesh & Bala, 2008), developed the TAM2 model (Venkatesh & Davis, 2000) to TAM3 depending on previous models considering individual differences (Agarwal & Prasad, 1999); (Ondrus & Pigneur, 2006) and characteristics of the new technology (Tornatzky & Klein, 1982) (Gatignon & Robertson, 1985), (Moore & Benbasat, 1991) and social influence (Farrell et al., 2016); (Moore & Benbasat, 1991); (Lucas Jr & Spitler, 2000). Venkatesh & Bala (2008) and the facilitation conditions that define the perceived usefulness, and perceived ease of use, financial interactions, and acceptance of digital currency that are closely related to Security, Risk, and Trust (Guych et al., 2018) in the TAM3 model are based on perceived usefulness and behavioural intentions (Lai, 2017).

The Evolution of Technology Acceptance Models (TAM, TAM2, TAM3)

Following the development of TAM2, an extension of TAM by (Venkatesh & Davis, 2000), and due to TAM’s limitations in terms of explanatory power, the ambition of TAM2 was to keep the original TAM constructs intact and to include additional key determinants of TAM’s perceived usefulness and structures of use intentions, and to understand how The effect of these determinants changed as users increased their experience over time with the target system (Venkatesh & Davis, 2000). Since TAM2 focused only on determinants of TAM’s perceived usefulness and intent-to-use constructs, TAM3 has been added by (Venkatesh & Bala, 2008) TAM’s perceived usability determinants and intent-to-use structures for the model to be more comprehensive and explicit. Therefore, TAM3 provided a complete nominal network of determinants of IT adoption for users, that will be of interest to studying the acceptance of the adoption and use of digital currency; as TAM is the theoretical basis depending on which several factors have been identified about digital currency technology (Lai, 2017).

  1. Research model and hypotheses development

4.1 Perceived ease of use

It means the degree to which a potential user expects the technology to be user-friendly (Lai, 2017), and depends on other external factors related to digital currency including free participation, instant transfers, simple interface, linkage to traditional currencies, and the relative complexity of cryptocurrency trading (Guych et al., 2018). Based on the above, the following hypothesis can be presented:

H1: Perceived ease of use affects the intent to adopt and use digital currency online.

4.2 Perceived usefulness

Perceived usefulness is defined as the potential user’s subjective probability that the use of a particular technology will benefit them (Lai, 2017), the perceived usefulness of using digital currency includes control of own funds, no intermediation, high transfer speed, low cost of currency transmission, high transaction security, international reach, low provider cost and increased requirements Customer confidence and finally price volatility (Folkinshteyn & Lennon, 2016) (Guych et al., 2018). Based on the above, the hypothesis is formulated:

H2: Perceived usefulness positively affects intent to adopt digital currency online

4.3 Perceived Security

Perceived security is the degree that is defined as protection from security threats for example in relation to digital currency such as loss of a digital wallet or loss of funds due to a privacy breach etc. (I Roussou & Stiakakis, 2016), Perceived security positively affects behavioural intent, and security has been found to have a direct and indirect impact on the intent to use digital currency in the context of the new digital environment, in addition to the uses of e-commerce and online shopping, which are closely related to digital currency and its transactions (Guych et al., 2018). Given the above, we propose the following hypothesis:

H3: The perceived security of digital currency use has an impact on the perceived usefulness of digital currency in Iraqi society.

4.4 Perceived Trust

Trust is one of the influencing factors that encourage individuals to adopt technology, it is extremely important in the use of digital currency as it is the link that overcomes perceptions of risk, which leads to the development of a sense of security and interaction with technology and contributes to building positive attitudes in the mind of the user so that he becomes more Acceptance of the use of digital currency (Albayati et al., 2020), It is believed that the digital currency is a complex technology and difficult to use and control. However, if the trust comes from the consensus to deal with the digital currency through proof that guarantees the rights of dealers with this technology, which increases confidence (Fortino et al., 2019), Trust in virtual electronic transactions can be defined as a psychological state that leads to the acceptance of technology based on positive expectations of the procedures of the technology provider and the willingness of individuals or even organizations to be subject to his procedures (Chatzigeorgiou et al., 2019). Confidence positively affects behavioural intention because of the importance of its impact in accepting new technologies and adopting digital currency, as it affects the attitude and intention to use digital currency, in addition to it precedes ease of use, and people who have experience in dealing with technology are at higher levels than others in the application via the Internet. (Guych et al., 2018), based on previous evidence, the following hypothesis can be formulated:

H4: Perceived trust has a positive effect on perceived ease of use of digital currency.4.5 Perceived financial self-efficacy

Financial self-efficacy refers to the perceived control over individuals’ spending or financial behaviour (i.e., digital currency use in this study), which in turn leads to better financial outcomes (Bawono, 2021). As a new type of monetary product, consumers view digital currency as enhancing their financial results during and after the COVID-19 pandemic and have greater capabilities to manage their financial situation and financial plans for the future (Conlon et al., 2021). This is because financial self-efficacy refers to consumers feeling able to effectively deal with an unstable economic situation such as during and after the COVID-19 pandemic (Joo et al., 2014). Accordingly, consumers with a high level of financial self-efficacy are more likely to seek investments in insurance, savings, and property (Farrell et al., 2016). As consumers realize that adapting and using digital currency will provide financial outcomes that are under their control, this high level of perceived financial self-efficacy leads them to use digital currency more in their daily transactions raising the perceived usefulness of spending money carefully while feeling safe and in control, and reduced anxiety related to money, especially during and after the COVID-19 pandemic (Engelberg, 2007). Building on the above concept, this study suggests that financial self-efficacy drives consumers to engage more with monetary products, perceptions, and attitudes:

H5: Financial self-efficacy has a positive effect on perceived usefulness.

H6: Financial self-efficacy has a positive effect on ease of use.

                                                                                 Figure 1 research model

  1. Research methods

In this research, data were collected using an electronic questionnaire, where this method of data collection was chosen because it is one of the best ways through which to reach the largest number of respondents in a short time. The questionnaire consisted of two parts, the first part was for personal questions, and the second part contained questions related to search variables. The Likert scale was used to measure the variables and table 1 shows the questions related to the research constructs.

Table 1 Research Variables


The variable and its measures References

Perceived ease of use of digital currency

• EU1 (I think my digital currency will be easy)

• EU2 (I believe that digital currency will facilitate my work))

(Lu et al., 2009) (Bawono, 2021)

The perceived usefulness of using digital currency

• PU1 (I believe that my use of digital currency will reduce unnecessary procedures)

• PU2 (Using digital currency will have a positive impact on my business performance)


Behavioural intent to use digital currency

• BI1 (I intend to use the digital currency in the near future)

• BI2 (I think that my interest in adopting digital currency will increase in the future)

• BI3 (I intend to use digital currency as much as possible and as available in the Iraqi environment)

• BI4 (I recommend others to use digital currency)

(Zarmpou et al., 2012)

Financial self-efficacy of using digital currency

• EP3 (I have confidence in my ability to manage my digital money)

• EP4 (It is easy for me to make progress towards my financial goals with digital currency)

(Lown, 2011)

Perceived trust to use digital currency

• PT2 (Digital currency service providers give the impression that they deliver on promises and commitments)

• PT3 (I think Digital currency service providers keep my interests in mind)

(Albayati et al., 2020)
6 The perceived security of using digital currency

• PS1 (I can easily learn to use the security functions of digital currency)

• PS3 (In general, I am satisfied with the security options offered by the digital currency)

(Alshamsi & Andras, 2019)

6.Data analysis and results

6.1   Demographics characteristics

By analyzing the demographic characteristics of the study sample, it was found that 59.1% were males and 40.9% were females, about age, the highest percentage of users was from the age group (20-30) with 66.5%, while the hours of Internet use represented the highest percentage with (48.4%) from (1-5) hours, followed by (40.9%) for (6-10) an hour, then (10.7%) for (11) or more hours as shown in Table 2.

Table 2. Sample demography

Percentage Frequency Item Category
59.1 127 Male Gender
40.9 88 Female
66.5 143 20-30 Age
22.8 49 31-40
9.3 20 41-50
1.4 3 51-more
48.4 104 1-5 Hours using internet
40.9 88 6-10
10.7 23 11-more


  • Measurement model

The tests of normality help to choose a suitable estimation method for structural equation modelling. Table 3 demonstrates descriptive statistics for the 14 measurement items, all values of deviation were less than the cut-off value of ∓3.0 and all values of kurtosis were also within the cut-off value of ∓7.0.

Table 3. Descriptive statistics for the normal distribution

Variable skew kurtosis
EP4 -0.232 -0.382
EU1 -0.300 -0.294
EU2 -0.556 -0.371
EP3 -0.569 0.056
BI4 -0.474 -0.408
BI3 -0.515 -0.079
BI2 -0.565 -0.134
BI1 -0.397 -0.083
PU2 -0.268 -0.403
PU1 -0.578 -0.215
PT2 -0.255 0.348
PT3 -0.180 0.042
PS1 -0.496 -0.054
PS3 -0.265 -0.394
Multivariate 55.995

The quality indicators of confirmatory factor analysis (CFA) illustrated in Table 4 indicate that the sample data support the research model, to verify the reliability and convergent validity, which refers to the convergence of measurement indicators with each other to measure the same structure, as well as the differential validity, which refers to the degree to which each structure differs from other structures in the same model, it is achieved when the square root of the Average Variance Extracted (AVE) for each combination is greater than the highest correlation with any other combination. The results are shown in Table 4 to fulfil this condition, except for PS. For the purpose of verifying reliability, Cronbach’s alpha and composite reliability were used, and the values were greater than (0.60) according to (Awang, 2014), as for the convergent validity, the average extracted variance (AVE) was used, whose value should be higher than (0.50) according to (Fornell & Larcker, 1981) and it is clear from Table 4 that it exceeded the required degree except for the indicators (PT1) (PS2) (EU3) (EP1) (EP2) which were excluded from the model because they did not meet the specified criteria.

Table 4. Descriptive statistics for validity and reliability

AVE CR Cronbach Loading C.V Std. dev. Mean Item Constructs
0.517 0.681 0.67 0.75 0.28 0.99 3.48 PS3 PS (perceived security)
0.67 0.22 0.85 3.73 PS1
0.695 0.820 0.81 0.84 0.28 0.95 3.32 PT3 PT (perceived trust)
0.82 0.25 0.90 3.47 PT2
0.559 0.715 0.70 0.66 0.21 0.85 3.95 PU1 PU (perceived usefulness)
0.82 0.22 0.86 3.79 PU2
0.621 0.867 0.86 0.80 0.26 0.95 3.61 BI1 BI (behavioural intent)
0.73 0.24 0.92 3.82 BI2
0.74 0.26 0.96 3.64 BI3
0.86 0.27 1.02 3.68 BI4
0.622 0.766 0.76 0.74 0.24 0.91 3.78 EP3 EP (financial self-efficacy)
0.82 0.23 0.86 3.62 EP4
0.597 0.747 0.74 0.80 0.24 0.93 3.87 EU2 EU (ease of use)
0.73 0.23 0.85 3.69 EU1

For identifying the amount of homogeneity in the answers of the individuals in the research sample, the coefficient of variation C.V. was used, which is one of the measures of relative dispersion. The results of Table 4 showed that it is low below (0.5), and this indicates a good degree of homogeneity of the data.

Table 5. The discriminate validity

PS 0.731 0.719
PT 0.597 0.773*** 0.834
PU 0.728 0.696*** 0.558*** 0.748
BI 0.722 0.756*** 0.554*** 0.816*** 0.788
EP 0.731 0.855*** 0.523*** 0.713*** 0.820*** 0.789
EU 0.728 0.786*** 0.473*** 0.853*** 0.850*** 0.853*** 0.773

As for the appropriateness of the model through the value of  Which was less than 3, and that all indicators of conformity quality were achieved and exceeded the required threshold, meaning that the field data conformed to the theoretical model according to the values of indicators and quality appropriate indicators (GFI) and the Comparative Fit Index (CFI) and Incremental Fit Index (IFI) and (AGFI), (TLI) are higher than (0.90) as (Seyal et al., 2002), And the mean root-square error of the approximation (RMSEA = 0.068), the model structures were evaluated using AMOS 24

structural equation modelling to evaluate all paths.

Figure 2. Measurement model

  • Structural Model

The analysis was conducted to test the hypotheses of the study. Figure 3 shows the influence relationships between the independent and dependent variables. It was found from Table 6 and Figure 3 that there is no effect of perceived security on the perceived usefulness (█(β=0.363,t=@@@1.919,p=0.055)) this does not support the H1 hypothesis, Also, it was found that there is no effect of perceived confidence on ease of use (β=0.004, t=0.050, p=0.960) which means that it

does not support H2, The effect of perceived financial self-efficacy on perceived usefulness was (β =  0.015, t = 2.440, p = 0.469) and this supports H3.

Figure 3. Structural Model

It is clear from Table 6 and Figure 3 that there is a significant impact of financial self-efficacy on ease of use (β = 0.943, t = 8.224, p = 0.001) and this supports H4, Also, the presence of the effect of perceived usefulness on behavioral intention appears (β=0.395, t=3.195, p=0.001) and this indicates support for H5, And the effect of ease of use on behavioral intention (β =0.563, t=4.582, p=0.001), meaning that it supports H6.

Table 6 Hypotheses Test

Result p-value t-value Std. Relationship Hypothesis
Not supported PS  PU H1
Not supported PT EU H2
supported EP PU H3
supported EP EU H4
supported BU PU H5
supported BI EU H6


  1. Discussion

The study aims to test the effect of a set of factors on the behaviour of a sample of human capital in Iraqi society to adopt digital currency technology. The results showed that perceived security does not significantly affect the perceived usefulness, and the reason for this could be that the surveyed users do not see the importance of the security issue and its impact on the perceived usefulness of the digital currency, and the level of knowledge and skill of the respondents has a fundamental role in the perceptions of security related to them, this means that many respondents do not have sufficient knowledge of the benefits of digital currency, and since the hypothesis was not supported, this means that the respondents have a concern and an unclear vision regarding the legal aspect and protection, which affects their security vision such as authentication processes. We hope that the developers of this technology will develop security aspects and settings Visible to provide ease of use for this currency and to achieve the perceived usefulness from it according to the requirements of the user. Digital currency payment systems, like any system, have weaknesses in the aspects of security and privacy, the provision of processing and protection and the effective application of security and privacy details by users; Because the digital currency eliminates the role of the intermediary, and works to provide the possibility of full control of private funds without the need for a bank or other financial companies, which leads to reducing costs. The procedures and rules imposed on the user impede the transfer of funds and also eliminate the problem of violating the trust given to an intermediary. Accordingly, the strengthening of cybersecurity by the governmental and institutional aspects to support the security system for service providers and the development of a cybersecurity framework and strategy is a currency-friendly aspect Digital and a means to attract more users, in addition to considering user protection and monetary policies to activate the sustainability aspect of this currency in the financial markets. Finally, we can refer to the software problems, as the open-source technology is more attractive to attackers and criminals and the problems of insufficient backup of site data compared to the results of (Ooi et al., 2021) that dealt with the perceived security aspect of digital currency with varying results in the extent of the importance of this aspect Malaysians have.With regard to the second hypothesis of trust, the results showed that perceived trust does not affect the ease of use, as the trust of users is one of the most important factors in online transactions, and that the use of digital currency depends on the trust of users in it. Perhaps the lack of orientation towards the use of digital currency is a reason for the decreased exploration of trust in the digital currency, which affects the value of the currency or overvalues it in the markets because knowledge is limited in how to deal with this currency, which causes a low level of impact of perceived confidence in the ease of use of the currency also the instability of the value of the currency between increase and decreases rapidly and in countries that Include digital currency in its dealings and its impact on perceived trust, financial technology is gradually evolving, so service providers need to alleviate users’ suspicions in these transactions and electronic financial systems to enhance users’ confidence and increase their sense of security. Since perceived trust has a minimal impact on the ease of use of digital currency, developers should focus on the security and protection aspects to increase the demand for digital currency for users in their transactions through financial technology. This result is consistent with the results of (Ooi et al., 2021) on the environment different conducted in Malaysia and the extent of individuals’ knowledge of digital currency and its use and acceptance of this currency in addition to the availability of these financial transactions by the Government. The perceived usefulness is positively affected by the self-financial efficiency, i.e. benefiting from the service. The reason for this is likely to be the speed of procedures, as well as the low fees compared to traditional financial transactions from the point of view of the research sample, as well as sending and receiving money quickly and in quantities that suit the user’s requirements without being subject to for the rules that sometimes pose obstacles to the user by banks and financial companies, for example, efficiency is concerned with the user’s ability to complete tasks with less effort and less time. The user is also able to see the balance of digital currencies in their local currency, which facilitates faster transactions without the need to transfer the digital currency to a local through another application, and that the QR code contributes to reducing the time when connecting to the web or mobile device in accessing digital currencies (its web address), and in addition to the option available to link the web wallet to the user’s mobile wallet for digital currencies, all of the above provides efficient performance and reduced efforts Necessary to complete the tasks, which is what is in the perceived usefulness of the digital currency. The results indicate the impact of perceived financial self-efficacy on the perceived ease of use of digital currency in a positive way, since consumers realize that the adaptation and use of digital currency will provide financial outcomes that meet their need and satisfaction, as this high level of perceived financial self-efficacy leads them to use the currency more in their daily transactions as a symbol of success and strength in addition to the quality offered by this service in terms of ease of use, Consumers view the digital currency as enhancing their financial results during and after the COVID-19 pandemic, and they have greater capabilities to manage the financial situation and other financial plans because financial self-efficacy enhances the ability to deal with digital currency effectively and at any time, in response to the needs and desires of the user and according to the economic situation, especially The economic aspect is unstable due to unexpected events that affect the economy in general. The availability of a mechanism for use by digital currency developers, as well as government regulations such as insurance and what is related to user welfare, is an important aspect and a contributor to the positivity of this hypothesis and the desire of individuals in this directly related to financial technology as shown by (Conlon et al., 2021) (Kim, 2021), but the results of the impact of the two studies differ due to the difference in the field of research and the study sample’s view of the currency, details of use, benefits, aspects of security and user protection, which are related to the users’ confidence in them and the desire to move to an advanced payment system.The high moral effect of the perceived usefulness on the behavioural intention to use digital currency shows that the benefits of digital currency drive potential users and the formation of the motivation and intention to use it. The rapid technical growth in information systems in particular and technology in general, the transformation witnessed by traditional governments and their transition to an electronic government, and the benefits that technology provides in speed and proficiency in accomplishing tasks in a way that meets the needs of the beneficiary and reduces time wastage, all contribute to changing the intentions of the individual towards using this currency. In addition, individuals may be guided by their beliefs about the social rather than individual benefits of digital currency technology when making the initial decision about whether or not to use it. The digital currency has what meets the user’s desires in terms of speed in dealing and the benefit of its use, especially with the global trend towards a digital environment and the transformation of some governments into a government that adopts technology in all its financial and service transactions, which raises questions about its provision by volunteers, which makes individuals support the innovative idea of digital currency technology They relate it to the general value generated by society as a whole, The current discussions about the potential application of the currency outside the financial sector lead to an increased recognition of its social benefits through, for example, investing in it and using it in financial transactions, compared to (Abramova & Böhme, 2016) and (Jariyapan et al., 2021) H5 support, where social benefits were taken as an additional precedent for the adoption of decentralized systems and a tendency towards the positive side of being independent, despite the weakness in the aspects of costs, risk and others, and that the sample members were those who had a high level of experience towards the use of digital currency in the European cities in which the research was conducted and the residents In Pakistan, for the other researcher, investors considered digital currency as an opportunity and linked it to their productivity and effectiveness, and realized that using digital currency is effortless, clear and understandable.Finally, the results show that ease of use positively affects behavioural intent, as information and communication technology has contributed to the speed and ease of dissemination and learning of any new technology through educational steps or even cognitive maps that help in understanding and ease of use and even after use, this also applies to the digital currency technology that has emerged in the past few years, as individuals see that the digital currency is a system that can be learned to use and does not require much effort. It is easy to learn the basic terms and operational principles of the digital currency and to explain the decentralization characteristic of this currency as independence from financial institutions, especially institutions that exploit dealing The individual is with her, so this coin is a saving for him, and what was mentioned in the discussion of this hypothesis raises the behavioral intention to use among the individuals under investigation, This result differs with what was indicated by (Abramova & Böhme, 2016), as their results proved a negative relationship, the reason being due to concern about risks and costs and looking at the negative side of the decentralization enjoyed by the currency and the absence of laws that support fear User, and the current result is consistent with the results of (Jariyapan et al., 2021), as its results revealed that investors and business learners residing in Pakistan have intentions to use digital currency while ignoring the risks associated with it.

  1. Conclusions and Recommendations

A presentation of a set of conclusions and recommendations related to the theoretical framework is presented, in addition to the interpretation of the results of data analysis as follows:

  • There is an intention to use the digital currency, but there was hesitation and disagreement on issues of security and trust related to the digital currency.
  • The Iraqi human capital has information about the digital currency and the respondents do not face any difficulty in using the digital currency or even learning that in addition to the steps of the settings for security and others.
  • One of the most important challenges facing the adoption of digital currency lies in the dimensions of this technology and the benefits it provides and its ease in completing financial tasks.
  • The results also showed that the currency has an intermediary role in the expected benefit from financial procedures and in reducing unnecessary ones.
  • Most of the respondents assert that digital currency makes them build a positive attitude towards the adoption of digital currency in general, and at the same time, there is an unclear position on the use of the currency as a result of the continuous development of technology and the challenges of communications and the Internet service provider.


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