AN EMPIRICAL STUDY TO ASSESS THE IMPACT OF CRYPTO MONEY ON THE YOUTH IN KENYA

Abstract

The objective of the study was to assess the impact of crypto money on the youth in Kenya. The study was guided by the following objectives: to determine the social impacts of cryptocurrency on the youth in Kenya, to find out the financial impacts of cryptocurrency on the youth in Kenya, to establish the technological impacts of cryptocurrencies on the youth in Kenya and to investigate the user-risks of cryptocurrencies coins on the youth in Kenya. The study cross-sectional survey design that covered quantitative aspects and data was primary collected through questionnaire from 50 respondents. The analysis of the collected data was done using Statistical Package for Social Sciences covering descriptive and inferential statistics. The findings were presented through tables and figures. The study conclude that social impacts, financial impacts, technological impacts and the user-risks all significantly impact on use of cryptocurrencies coins on the youth in Kenya. The study recommend that social impacts of cryptocurrency use among youths in Kenya should be minimized for instance by implementing regulations that prevent gambling. Youths in Kenya should be encouraged to invest in cryptocurrency as this may enable them to earn some returns. The government should formulate relevant technological infrastructures that allow use of cryptocurrency among youths. The user risks of cryptocurrency should be minimized to encourage their uptake among youths in Kenya. The Central Bank of Kenya should formulate relevant policies and regulations to guide and operationalize the use cryptocurrency in Kenya.