Investigating, Choosing and Prioritizing the Challenges of Using Cryptocurrencies in Global Transactions

Document Type : Original Article


Department of Entrepreneurship, Naraq Branch, Islamic Azad University


Cryptocurrencies are a relatively new and fast-growing topic in the modern digital economy. Generally, cryptocurrencies are an asset in the block chain that can be exchanged between actors and so used as a means of payment. Completely decentralized cryptocurrencies such as bit coin have attracted public interest and have been much more successful than previous digital currencies. Despite the importance of these currencies, in third world countries such as Iran, people do not want to use this type of currency for their business. Consequently, in the current study, the researchers find and rank the challenges of using cryptocurrencies in international trade. For this purpose, the challenges of using cryptocurrencies were identified by the literature review. Then the known factors were prioritized using the analytic hierarchy process. In general, four criteria and twenty-eight indicators were compared. The results reveal that technical factors are the most important criteria compared to the goal. Risk-taking is the most important personal reason. Negative attitudes toward cryptocurrencies are the most important social reason in society. Lack of sufficient budget to develop the use of cryptocurrencies is the key financial reason and the lack of correct finding of the parties to the transaction is the most significant technical reason that can affect the acceptance of cryptocurrencies in international trade.


Volume 4, Issue 1
June 2020
Pages 13-24
  • Receive Date: 21 December 2019
  • Revise Date: 15 February 2020
  • Accept Date: 29 March 2020
  • First Publish Date: 30 June 2020