MOVING TOWARDS A UNIVERSAL CRYPTOCURRENCY: A PEST ANALYSIS

Publication Date : 17/02/2021


Author(s) :

BRINDA KALYANI P. R.


Volume/Issue :
Volume 5
,
Issue 1
(02 - 2021)



Abstract :

The advent of the fourth Industrial Revolution envisages big data analysis, blocks chain management and thereby paves way to Crypto currencies which is a digital currency version operating through the support of cryptography. The universal acceptance of crypto currencies as a medium of exchange, measure of value is studied and empirically tested. PEST Analysis looks into the Political, Economic, Social and Technological possibilities of the crypto currency being accepted as a universal currency across the globe. Oman is just a watcher not a player in the field of crypto currencies. Respondents being employees of different banks in the Rustaq city a pilot study has been conducted with 50 samples. The pilot study analysed 17 variables which would decide the acceptability of crypto currency. The pilot study results also found that Tracing difficulty of transactions when the reference is lost (Lack of Control), the speed of the transaction is a dependent event (Reliability), operation through allied infrastructure (Complexity), exchange cost elimination, an account Wallet decides the existence of money (Understandability), are the most influential variables out of the 17 variables under study, as those which explain the respective factors. The factors found to influence the acceptability are found to be categorized under Lack of Control, Reliability, Complexity, and Understandability.


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