CRYPTOCURRENCY ADOPTION ACROSS ECONOMIES: A COMPARATIVE ANALYSIS OF MACROECONOMIC, TECHNOLOGICAL, REGULATORY, AND INSTITUTIONAL DETERMINANTS

Abstract

This paper examines the determinants of cryptocurrency adoption across developed and emerging economies with the objective of identifying the key economic, technological, institutional, and regulatory factors influencing digital financial market development. The research is based on a structured literature review methodology that includes recent scientific publications, institutional reports, and industry analyses related to cryptocurrencies, blockchain technologies, stablecoins, and decentralised finance (DeFi). The study analyses how macroeconomic instability, technological readiness, institutional trust, and regulatory frameworks shape cryptocurrency adoption across countries and regions. The findings indicate that cryptocurrency adoption is particularly significant in economies affected by inflation, currency instability, and limited access to traditional financial services, where cryptocurrencies and stablecoins increasingly function as alternative financial mechanisms and payment solutions. In contrast, developed economies demonstrate stronger institutional participation, more advanced digital infrastructure, and clearer regulatory frameworks supporting cryptocurrency market integration. The study also highlights the growing importance of stablecoins, DeFi systems, and international regulatory initiatives in shaping contemporary digital financial ecosystems. The paper concludes that cryptocurrency adoption is strongly influenced by the interaction of macroeconomic conditions, technological development, institutional trust, and regulatory readiness, which together explain substantial regional differences in global digital financial transformation.