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Crypto-hesitancy: is regulation the answer?

Joseph Ejike Ojih (Department of Information Science and Systems, Earl G. Graves School of Business and Management, Morgan State University – Baltimore Campus, Baltimore Maryland, USA)
Parikshit Joshi (Department of Management Studies, Indian Institute of Information Technology Allahabad, Prayagraj, India)
Ashish Mohture (Department of Commerce and Management, Institute of Management and Research, MGM University, Aurangabad, India)
Sushil Kumar Gupta (School of Management (UG), Dr. Vishwanath Karad MIT World Peace University, Pune, India)

Journal of Indian Business Research

ISSN: 1755-4195

Article publication date: 5 October 2022

Issue publication date: 3 March 2023




The purpose of this paper is to explore and address the possible reasons for the hesitancy in accepting cryptocurrency as an asset class by the world governments and central banks. The behaviour of delaying the acceptance or using cryptocurrency has been termed as crypto-hesitancy.


To establish the conceptual understanding of crypto-hesitancy, the bibliometric analysis was performed through Bibliometrix and VOSviewer. Through keyword search technique this study has located 507 useful studies in Scopus database, which were used for the bibliometric analysis.


The findings of the study reveal that the government of developed and developing nations and central banks hesitate to regulate and accept cryptocurrency due to the following reasons: cryptocurrency’s ties to illegal activity, speculation and cryptocurrency’s capacity to circumvent government-imposed capital controls. The findings of this study can be used as platform to develop the construct – crypto-hesitancy – further and explore the empirical insights of it.


To the best of the authors’ knowledge, the construct crypto-hesitancy has not been evolved yet, which makes this study the first attempt to theoretically understand the concept and its evolution.



The authors are grateful to the editorial team and the anonymous reviewer for their valuable comments and suggestions, which have helped improve the quality of our manuscript.


Ojih, J.E., Joshi, P., Mohture, A. and Gupta, S.K. (2023), "Crypto-hesitancy: is regulation the answer?", Journal of Indian Business Research, Vol. 15 No. 1, pp. 9-22.



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