Diana Bonilla Guzmán, Sofía de las Nieves García Gámez, Rubén Mora-Ruano, Alvaro-Antonio Salas-Suárez
This study aims to identify the extent to which a country's level of governance implicitly determines and encourages the use of cryptocurrencies, and the main elements associated with the use of alternative currencies to traditional ones. The methodology used is a descriptive analysis of the variables, an econometric analysis through an ANOVA, and the application of a truncated regression model, which aims to bring the research closer to the possible correlation between governance indicators and the rate of adoption of cryptocurrencies. The study concludes that countries with low levels of governance are directly related to the greater adoption of cryptocurrencies. To the best of our knowledge, this study is the first to analyse the relationship between cryptocurrency adoption and institutional governance by comparing two regions with different levels of development. The research is limited by the existence of other factors that influence the analytical framework of cryptocurrency adoption, but the availability of data has allowed the present study to focus on governance aspects. Now, despite the fact that the governance indicators present a global analysis in terms of their measurement, the relevant aspects of each country are not specified. The adoption of cryptocurrencies in some countries may not be strongly related to governance aspects but rather to the friendly regulations that have been implemented.