The Acceptability of Cryptocurrencies as Mode of Payment among
Millennial Certified Public Accountants in the Philippines
Julius Ray E. Rentoy
Graduate School of Business, San Beda University, Philippines
Keywords: Cryptocurrencies, UTAUT, Payment Systems, Millennial CPAs in the Philippines.
Abstract: A flourishing number of literatures have investigated on the acceptability of diverse technologies around the
globe. Yet, limited studies have explored on a growing technological phenomenon – the Cryptocurrencies.
The central motivation of cryptocurrencies is to work as a medium of exchange and to take the power out of
the hands of the government and central bankers (Gilpin, 2014, as cited in Rose, 2015). Using an extended
UTAUT model, this research aims to investigate on the factors that could influence the behavioral intention
(BI) to accept cryptocurrencies as a mode of payment among millennial Certified Public Accountants in the
Philippines. The Multiple Linear Regression was utilized on this research, which was administered on 386
millennial CPAs. Performance Expectancy was still found to be the strongest predictor of BI, while
Government Regulation was interestingly found to have no significant relationship with BI. This is the first
study on this field to have incorporated the existence of Accounting Model as a predictor variable. The results
of this study are significant in creating a more informed business environment for professionals, owners, and
managers.
1 INTRODUCTION
Change management is imperative in a business
environment because change happens more rapidly
today than we have expected yesterday (Kotter,
2012). Change is inevitable; and monetary systems
are no exception. Throughout centuries, the monetary
system has evolved from the traditional bartering to
the money that we use today. The evolution was
predominantly brought by the introduction and later
development of technology. In today’s Age of
Internet, a wide array of possibilities has again been
unfolded with the introduction of cryptocurrencies. In
its simplest terms, Cryptocurrency is designed to
work as medium of exchange. The central question
and motivation of Bitcoin, the first known
cryptocurrency, was to replace fiat money. Gilpin
argued that cryptocurrencies “…were created to take
power out of the hands of the government and central
bankers and put it back into the hands of the people”
(Gilpin, 2014, as cited in Rose, 2015). However, the
time when cryptocurrencies completely replace fiat
money is most likely a lifetime away. While change
is inevitable, it is for a fact that it doesn’t happen
overnight.
Cryptocurrency uses ‘cryptography’ in order to
secure and verify transactions, as well as to control
the creation of new units of currency. Cryptography,
in the modern age, involves the “study of
mathematical techniques for securing digital
information, systems, and distributed computations
against adversarial attacks” (Katz & Lindell, 2014).
In other words, “cryptocurrencies use cryptographic
protocols, or extremely complex code systems that
encrypt sensitive data transfers, to secure its units of
exchange. These protocols are built on advanced
mathematical and computer engineering principles
that render them virtually impossible to break,
making cryptocurrencies hardly possible to be
duplicated or counterfeited” (Martucci, 2018).
There are over 1,000 cryptocurrencies on the
market. Bitcoin, the first known cryptocurrency, is
still the largest cryptocurrency by market
capitalization, followed by Ethereum and Ripple.
Until now, the financial worth and destiny of
cryptocurrencies have been ferociously debated.
Nouriel Roubini, a noted American economist,
predicted that Bitcoin would crash to zero. American
business magnate Warren Buffett has also hit a
negative note against cryptocurrencies – that it will
come to a bad ending with virtual certainty (Kharpal,
2018).
490
Rentoy, J.
The Acceptability of Cryptocurrencies as Mode of Payment among Millennial Certified Public Accountants in the Philippines.
DOI: 10.5220/0008432804900497
In Proceedings of the 2nd International Conference on Inclusive Business in the Changing World (ICIB 2019), pages 490-497
ISBN: 978-989-758-408-4
Copyright
c
2020 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved
Cryptocurrencies, particularly Bitcoin, are widely
used in most developed countries such as the United
States, Canada, Netherlands, and Australia (Scott,
2016). While evidence shows that Bitcoin has been
extensively accepted in these developed countries, the
same level of acceptance in developing economies
like the Philippines has not yet been found. Therefore,
this research intends to understand the acceptability
of cryptocurrencies as mode of payment by
investigating the factors that are considered essential
to its adoption in the Philippines.
2 REVIEW OF RELATED
LITERATURE
2.1 Technology Acceptance Literatures
With the continuous expansion of technology and its
incorporation into user’s everyday private and
professional life, a decision concerning its adoption
or refutation still remains to be an open issue. As a
result of this continuous search for knowledge,
abundant number of technology acceptance theories
and models have been established and used to
investigate on the determinants and mechanisms of
user’s adoption decisions and behaviors. Among
these theories and models is the UTAUT model, also
known as the Unified Theory of Acceptance and Use
of Technology Model.
About more than a decade ago, authors
Venkatesh, Morris, Davis, and Davis (2003)
combined models such as the TAM and other models
based on the Theory of Planned Behavior (TPB) to
expound and forecast user acceptance and use of
information technology. The UTAUT model
identifies four key factors and four moderators related
to the prediction of behavioral intention to use a
technology and actual technology use in the context
of an organization (Venkatesh, Thong, & Xu, 2016).
Figure 1 shows a diagram of the UTAUT model.
According to Venkatesh et al. (2003),
“performance expectancy, effort expectancy, and
social influence were theorized and found to influence
behavioral intention to use a technology, while
behavioral intention and facilitating conditions
determine the use of technology”. The moderating
factors were theorized and discovered to moderate
various UTAUT relationships. The UTAUT model,
applied in a longitudinal field studies of employees’
acceptance of technology, was able to explain 77% of
the variance in behavioral intention to use a
technology and 52% of the variance in technology
use. While the UTAUT model was considered to have
stretched its practical boundary of predicting
individual technology acceptance and use decision,
researches based on the UTAUT model has still
increased by number. The sustained development of
UTAUT-based researches has proliferated because of
recent developments in information technology in the
organization and society.
Majority of the researchers extended the UTAUT
model by incorporating various mechanisms to fit the
model into the context of their studies and/or the
technology used. The mechanisms added were either
new exogenous, endogenous, moderating or outcome
mechanisms, or a mixture of any of the four. The most
common extension to the UTAUT model is by adding
new endogenous mechanisms. New endogenous
mechanisms refer to new predictor constructs that
could impact the dependent variables. For instance,
Venkatesh et al. (2012) infused hedonic motivation
and price value as additional predictors of behavioral
intention and habit as a new predictor of both
behavioral intention and technology use. Other
common endogenous mechanisms were perceived
risk (Martins et al., 2014; Slade et al., 2015) and trust
(Oh & Yoon, 2014).
2.2. Cryptocurrency Acceptance
Literatures
While there are a number of academic literatures
investigating on the acceptance of a certain
technology, extremely few researches have used
technology acceptance models in the context of
cryptocurrencies. Gunawan & Novendra (2017)
questioned the acceptance level of Bitcoin in
Indonesia, and what are the influencing factors for
such acceptance. Results of the study showed that
Performance Expectancy affects positively and
significantly behavioral intentions to use Bitcoin, and
that Facilitating Condition has a positive effect on the
Figure 1: The UTAUT Model.
The Acceptability of Cryptocurrencies as Mode of Payment among Millennial Certified Public Accountants in the Philippines
491
use behavior. On the other hand, Social Influence and
Effort Expectancy have no positive relationship with
intentional behavior. The study concludes that in
order for Bitcoins to be accepted in Indonesia,
transaction security processes must be increased, and
additional Bitcoin facilities must be provided.
Silinskyte (2014) examined the factors that affect
Bitcoin acceptance using the UTAUT model applied
in an exploratory quantitative study. The results
indicated that Performance Expectancy (0.707) and
Effort Expectancy (0.473) have significant positive
relationship with Intentional Behavior to use
Bitcoins, while Facilitating Conditions (0.448) and
Intentional Behavior (0.487) have significant positive
relationship with Use Behavior. Social Influence was
found to have relationship with Intentional Behavior
but not at a significant level. Jung, Park, Phan, Bo, &
Gim (2018) found out that government regulation has
a negative effect on social influence, and thus
intention to use cryptocurrencies, in South Korea but
not in Vietnam. Vietnam government neither cautions
using cryptocurrencies nor issues policies limiting the
use of such currencies, explaining why government
regulation has no negative effect on social influence
regarding the intention to use cryptocurrencies.
Roos (2016) investigated on the merchant
acceptability of cryptocurrencies using the extended
UTAUT model, also known as UTAUT2. UTAUT2
includes additional predictor variables such as
Hedonic Motivation, Price Value, and Habit. The
author believed that the addition of Trust as a new
construct to UTAUT2 was imperative to measure
technology adoption in the context of
cryptocurrencies. Among all the constructs tested,
results showed that trust had the most significant
influence on the behavioral intention to use
cryptocurrencies, together with price value,
performance expectancy, and habit. The author
suggested to conduct the study in a developing
economy, such as the Philippines, and compare it
with the findings of the study.
3 METHODOLOGIES AND
RESEARCH HYPOTHESES
3.1 Research Design & Methodology
The research was correlational in nature and used
quantitative details and analysis. With the increasing
familiarity and interest of millennials over
cryptocurrencies, the researcher finds it hard to ignore
the significance of millennials in understanding the
factors that determine the acceptability of
cryptocurrencies in the Philippines. Millennials have
proven to be a resilient generation and are known to
be fast adopters of new ideas and technologies
(Martin, 2018). Given the tremendous developments
in the global financial systems, accountants will need
to develop related foresights, this includes knowledge
and understanding of cryptocurrencies. Therefore, the
online survey was administered to 386 Millennial
Certified Public Accountants in the Philippines,
yielding an 89.4% response rate. To draw correlation
between variables, the Multiple Linear Regression
was utilized.
3.2 Research Hypotheses
Venkatesh et al. (2003) found that Performance
Expectancy (PE), Effort Expectancy (EE), and Social
Influence (SI) to significantly influence Behavioral
Intention (BI) to use a technology. Venkatesh et al.
(2012) argued that facilitation outside an
organizational environment can vary significantly
across users. Hence, FC will act more like perceived
behavioral control in the Theory of Planned Behavior
(TPB) and influence both BI and USE. Therefore, the
following hypotheses:
H1: PE has significant influence on the BI to
accept cryptocurrencies.
H2: EE has significant influence on the BI to
accept cryptocurrencies.
H3: SI has significant influence on the BI to
accept cryptocurrencies.
H4: FC has significant influence on the BI to
accept cryptocurrencies.
Venkatesh et al. (2012) infused Price Value (PV)
as one of the additional predictors of BI. Roos (2016)
found that Trust (TR) had the most significant
influence on BI. Al-Qasa et al. (2013) found that
Cultural Belief (CB) proved to have significant
relationship with BI. However, the relationship posed
inverse direction. Since the market of cryptocurrency
is not yet matured and the Philippine economy is still
in its development stages, people increasingly rely
more on government regulation (GR) for protection
(Al-Ghamdi et al., 2007). Thus, the following
hypotheses:
H5: PV has significant influence on the BI to
accept cryptocurrencies.
H6: TR has significant influence on the BI to
accept cryptocurrencies.
H7: CB has significant influence on the BI to
accept cryptocurrencies.
ICIB 2019 - The 2nd International Conference on Inclusive Business in the Changing World
492
H8: GR has significant influence on the BI to
accept cryptocurrencies.
The researcher argues that knowledgeable
business professional, particularly CPAs, must first
consider the accounting implications of
cryptocurrencies before accepting it. If
cryptocurrencies will be used as mode of payment in
business, there must be an existing Accounting Model
(AM) governed by the IFRS. As of date of writing,
there are no accounting standards that clearly and
specifically deal with cryptocurrencies. Thus:
H9: AM has significant influence on the BI to
accept cryptocurrencies.
To summarize the hypotheses and to give an
overview of the framework by which this research
will operate, Figure 2 is presented below.
Figure 2: Operational Framework.
4 RESULTS AND
RECOMMENDATIONS
Before the online questionnaire was distributed to the
target respondents, it was first piloted to ten (10)
Certified Public Accountants for test of internal
consistency. In assessing the questionnaire’s internal
consistency, the Cronbach’s Alpha was used.
Nunnally (1978) recommends a minimum level alpha
coefficient of 0.70. If a research question decreases
the alpha coefficient because of poor correlation with
other questions, then that question must be discarded,
and a new alpha coefficient should be computed. The
results of Cronbach’s Alpha for each of the constructs
to be studied are presented in Table 1.
Table 1: Cronbach's Alpha Coefficient.
Variable
Cronbach’s alpha
Interpretation
BI
0.9260
Accepted
PE
0.9090
Accepted
EE
0.8351
Accepted
SI
0.9056
Accepted
FC
0.8733
Accepted
PV
0.7563
Accepted
TR
0.9154
Accepted
CB
0.8530
Accepted
GR
0.7130
Accepted
AM
0.7009
Accepted
The female respondents represented 54.15% of
the total number of respondents, which is greater
compared to the 45.85% of male respondents. As to
Age, all respondents were within the age range of 18
– 38. Only 24.09% of the respondents are practicing
their profession and at the same time engage
themselves in business and entrepreneurship. The
differences between demographics were also tested
for any possible moderation of relationships between
variables. Results of descriptive analysis found out
that there was no significant difference between male
and female (gender) and those who were engaged and
not engaged in business (business engagement) on all
variables. Therefore, the possibility of any
moderation on the relationships between the variables
was not supported.
Descriptive statistics in Table 2 show that BI to
accept cryptocurrencies yielded a 2.64 overall mean,
interpreted as neither high nor low behavioral
intention to accept cryptocurrencies as a mode of
payment among millennial CPAs in the Philippines.
This may be an implication that while
cryptocurrencies pose an inferior level of
acceptability compared to traditional money today,
there is still a probability to shift the perspective of
millennial CPAs to replace fiat money by
cryptocurrencies in the future. Among all the
independent variables, variable TR yielded the lowest
mean of 2.44. The result indicates that there is
disagreement in the level of confidence on the
existing technology behind cryptocurrencies. The
respondents, in general, disagreed that
cryptocurrencies must be trusted, and that they are not
secured, dependable, and reliable at all times. On the
other hand, the variable CB yielded the highest mean
at 3.86. The researcher argued that as long as
resistance to change brought about by CB is
prevalent, the BI to accept cryptocurrencies will
continually be challenged.
The Acceptability of Cryptocurrencies as Mode of Payment among Millennial Certified Public Accountants in the Philippines
493
Table 2: Descriptive Statistics – Mean.
Variables
Mean
BI
2.64
PE
2.82
EE
2.88
SI
2.45
FC
2.90
PV
3.05
TR
2.44
CB
3.86
GR
3.84
AM
3.57
PE (r=0.821, p <.05) still remained to have the
strongest relationship with BI. EE (r=0.770, p <.05),
SI (r=0.747, p <.05), FC (r=0.741, p<.05), PV
(r=0.755, p<.05), and TR (r=0.704, p<.05) were all
found to have significant positive relationship with
BI. CB (r=-0.280, p<.05) was found to also
significantly affect BI but posed an inverse
relationship. Existence of AM (r=0.530, p<.05) was
also found to positively influence BI. Interestingly,
GR (r=-0.037, p>.05) was found to have no
significant relationship with BI. Figure 3 summarizes
the results.
Figure 3: Summary of Results - Multiple Linear Regression.
Using Multiple Linear Regression, only PE, SI,
and CB were found to be significant predictors of BI
to accept cryptocurrencies. The recommended model,
Behavioral Intention
i
= 0.3933 + 0.7055(PE
i
) +
0.2791(SI
i
) – 0.1116(CB
i
), yielded a 69.61% adjusted
R
2
. The result of this study confirms the findings of
Venkatesh et al. (2016) that PE is the strongest
predictor of BI. More importantly, previous studies
about cryptocurrency acceptance have discovered
similar results despite difference in economic settings
(Gunawan & Novendra, 2017; Roos, 2016;
Silinskyte, 2018).
The findings on SI from previous researches were
in disagreement with the results of this study. An
increase in value of SI would most likely result to an
increase in value of BI, at least in the context of the
Philippines. The significant relationship between SI
and BI may be explained by the strong traditional
values among Filipino families. Filipinos tend to be
loyal to their families and those whom they consider
as family, and simply obey their elders and authorities
on essential decisions. As long as there is high level
of resistance to accept cryptocurrencies from the
members of community to which a millennial CPA
belongs, the researcher argues that the BI to accept
cryptocurrencies as mode of payment will still be
challenged.
Intriguingly, the significance of CB as a predictor
of BI may be explained by the demography of the
research respondents – the Millennials CPAs.
Millennials have proven to be a resilient generation
and are known to be fast adopters of new ideas and
technologies. Therefore, Millennials are uniquely
positioned to drive a fundamental shift in cultural
belief, specifically with how cryptocurrencies could
affect the business landscape. Consequently, CPAs
were trained in school and in work to maintain
professional skepticism at all times. Professional
skepticism is an attitude that includes a questioning
mind and critical assessment of evidence. It is
therefore expected that CPAs are more welcoming to
new developments in technology, rather than being
fenced by the restrictions of cultural belief.
The findings of this research give rise to a number
of practical recommendations. The researcher
supports the idea that the neutrality in the behavioral
intention to accept cryptocurrencies poses an
advantage rather than disadvantage. It would be
tactical to focus first on influencing the choices of
millennial CPAs in terms of cryptocurrencies. Also,
CPAs usually play decision-making roles in a
business enterprise. Influencing their choices could
result to a more strategic advantage and targeted
interventions, considering that Social Influence had
been found to be a predictor of behavioral intention.
It is suggested that awareness campaigns and
trainings should highlight aspects related to PE, EE,
FC, and PV. These variables are considered to be the
easiest variables to control by disseminating
information and educating target groups. In designing
programs, audience must be given the opportunity to
work on cryptocurrencies hands-on, rather than just
give them purely theoretical presentations.
Accredited professional organizations, such as the
Philippine Institute of Certified Public Accountants
(PICPA), must be tapped by cryptocurrency
ICIB 2019 - The 2nd International Conference on Inclusive Business in the Changing World
494
educating organizations to administer seminars that
would tackle the aspects of cryptocurrencies in a
manner earlier suggested by the researcher.
Cryptocurrency wallet developers should put
more attention on aspects such as EE, FC, and TR. It
would likely be helpful for wallet developers to
assume liability in case of lost or stolen
cryptocurrencies due to massive breach or hacking.
This is to ensure that wallet developers forward its
best foot in protecting their clients. A wallet that
could establish specifications unique to Filipinos
would most likely increase the acceptance of
cryptocurrencies.
The government must continue to regulate
cryptocurrencies since it has overall power to break
cultural belief on such currencies. The Philippine
government, by not banning cryptocurrencies, is a
move towards acceptance. However, an express
rather than implied support of cryptocurrencies could
result to a more holistic acceptance. Ideally, the
government could also develop its own
cryptocurrencies someday to fully replace fiat money.
While an accounting standard for
cryptocurrencies would not contribute to its overall
credibility, the former could still be at the core of
igniting international understanding. When
cryptocurrencies are recognized by the Accountancy
profession and its related accounting standard-setting
bodies, its strategic advantages shall be incorporated
on accounting syllabi and programs. This would
accelerate knowledge about cryptocurrencies and
could further facilitate acceptance.
Given the results of this study, coupled with the
research delimitations, the following areas for future
research are hereby recommended:
• To come up with a theoretically valid and
acceptable Cryptocurrency Acceptance Model,
using the recommended model in this study as a
starting point for model development;
• The finding on CB merits another study to
further investigate on the significant yet
negative relationship between CB and BI; and
• To study the behavioral intention to use
cryptocurrencies in a business exchange rather
than just focusing on its acceptance as a mode
of payment.
5 CONCLUSION
This research found out that Millennial CPAs are
neutral in terms of acceptability of cryptocurrencies
as mode of payment in the Philippines. Among the
nine independent variables investigated in this study,
only Performance Expectancy (PE), Social Influence
(SI), and Cultural Belief (CB) were found to have
significant influence on the behavioral intention to
accept cryptocurrencies. In order to increase the level
of acceptability of cryptocurrencies, the importance
of these three variables are paramount. Therefore,
corporate and business strategy formulations must
delve on focusing on the three significant variables to
enhance the influence of the Behavioral Intent (BI) to
accept cryptocurrencies as a mode of payment.
Given the nature and flexibility of the UTAUT
model, its adoption and modification were found to
be extremely suitable in understanding technological
advancement and innovation that may not yet be fully
acceptable at present times. Together with the
constructs investigated in this study along with the
original UTAUT constructs, business professionals,
owners, and managers may use the results of this
study as a strategic compass to direct through the
qualms carried about by technological innovations
such as cryptocurrencies.
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APPENDIX
Research Questions
Questions
BI1
If possible, I intend to use
Bitcoins instead of the traditional
money.
BI2
If I want to own Bitcoins, I will
accept it as payment instead of
purchasing it with cash.
BI3
I will accept Bitcoin as a mode of
payment.
BI4
If I have Bitcoins, I plan to use it
in my daily purchases / business
operations.
PE1
Bitcoin would be useful in my
profession/business.
PE2
Bitcoin would enable faster and
more efficient processing of
payment transactions.
PE3
Accepting Bitcoin as payment
would lead to more profit for my
profession/business.
PE4
Accepting Bitcoin as payment
would be a strategic advantage
for my profession/business.
EE1
Learning about Bitcoin and how
it works would be easy for me to
understand.
Effort Expectancy
EE2
Skills training about Bitcoin
would easily be available for me
without spending too much.
EE3
Accepting Bitcoin as payment
would be as easy as accepting
cash.
EE4
My clients/customers would find
it easy to pay in Bitcoin.
SI1
My valuable clients/customers
think that I should accept
Bitcoin.
Social Influence
SI2
People who are important to me
think that I should accept
Bitcoin.
SI3
There is high probability that my
fellow CPAs would start
accepting Bitcoin anytime soon.
SI4
Our society strongly supports the
acceptance of Bitcoins.
FC1
I could acquire the resources
necessary to accept Bitcoin.
Facilitating
Conditions
FC2
I could have enough knowledge
and skills to facilitate acceptance
of Bitcoin.
FC3
The Bitcoin community would be
enthusiastic to help me with
Bitcoin related issues.
FC4
I could accept Bitcoin with the
devices I currently have without
the need for major upgrades.
PV1
Bitcoin would provide significant
savings in payment processing
costs.
Price Value
PV2
If I accept Bitcoin, transaction
charges would be minimal and
reasonably priced.
PV3
I would accept Bitcoin if I don't
have to pay for any device or
software.
PV4
For my clients/customers, the
cost of using Bitcoin must be
comparable with other forms of
payments.
TR1
The technology behind Bitcoin
could be trusted completely.
Trust
TR2
Accepting Bitcoin is more
secured than credit card
transactions.
TR3
The technology behind Bitcoin
could not be easily hacked and
fraudulently altered.
TR4
My client's/customers' personal
information would be safe and
secured when they use Bitcoin.
CB1
Cash payment is still the most
convenient payment method.
Cultural Belief
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496
CB2
If not required, I would not
accept Bitcoin as payment.
CB3
When accepting payment, I feel
more comfortable receiving cash
right away rather than virtual
payment.
CB4
I feel more Filipino whenever I
use our paper bills and coins.
RF1
I am accepting the Philippine
Peso because its purchasing
power is backed by the
government.
RF2
I would accept Bitcoin if the
government tells me so.
RF3
The government should regulate
the use of Bitcoins in the
Philippines.
RF4
I would still accept Bitcoin even
if the government bans its use in
the Philippines.
AM1
There should be an existing
accounting treatment for Bitcoins
around the world.
AM2
I would accept Bitcoin if I could
be able to account for it clearly
and easily.
AM3
The Accountancy profession
should endorse the acceptability
of Bitcoins.
AM4
Accounting for Bitcoin should
first be established before I
accept it.
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