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<p>Cryptocurrencies represent a significant financial innovation, yet their energy-intensive operations and perceived regulatory legitimacy under institutional ambiguity create substantial challenges for their broader acceptance, particularly in emerging markets. This study examines how digital trust, green trust, environmental awareness, and perceived regulatory legitimacy interact to shape cryptocurrency adoption intentions in environments characterized by institutional ambiguity. Building on established technology adoption research and trust-based perspectives in information systems, we develop and test an extended model that incorporates environmentally related trust perceptions and institutional legitimacy as key determinants of adoption. Using survey data from 462 Vietnamese respondents and Partial Least Squares Structural Equation Modeling, the findings show that environmental awareness enhances green trust, which subsequently drives adoption intentions. Digital trust mediates the influence of perceived risk, while perceived regulatory legitimacy strengthens both digital trust and green trust. Rather than examining sustainability outcomes at a macro level, the study clarifies how sustainability-related perceptions and trust mechanisms influence individual adoption decisions in developing markets. Additional robustness analyses were conducted across occupational subgroups (students, professionals, and individual investors) to ensure structural stability of the model, with results confirming consistency of core relationships. Practical implications are provided for policymakers, fintech managers, and IT strategists seeking to promote more trustworthy and environmentally responsible digital finance under regulatory uncertainty.</p>

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Green Cryptocurrency Adoption in Emerging Markets: Digital Trust, Perceived Regulatory Legitimacy, and Sustainability Evidence from Vietnam

  • 期刊论文

  • 发表日期：

    2026年4月22日

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  • Van Kien Pham,
  • Phuong Giao Linh Le,
  • Thuy Dung Pham Thi,
  • Phuc Tran Huu Le

摘要

Cryptocurrencies represent a significant financial innovation, yet their energy-intensive operations and perceived regulatory legitimacy under institutional ambiguity create substantial challenges for their broader acceptance, particularly in emerging markets. This study examines how digital trust, green trust, environmental awareness, and perceived regulatory legitimacy interact to shape cryptocurrency adoption intentions in environments characterized by institutional ambiguity. Building on established technology adoption research and trust-based perspectives in information systems, we develop and test an extended model that incorporates environmentally related trust perceptions and institutional legitimacy as key determinants of adoption. Using survey data from 462 Vietnamese respondents and Partial Least Squares Structural Equation Modeling, the findings show that environmental awareness enhances green trust, which subsequently drives adoption intentions. Digital trust mediates the influence of perceived risk, while perceived regulatory legitimacy strengthens both digital trust and green trust. Rather than examining sustainability outcomes at a macro level, the study clarifies how sustainability-related perceptions and trust mechanisms influence individual adoption decisions in developing markets. Additional robustness analyses were conducted across occupational subgroups (students, professionals, and individual investors) to ensure structural stability of the model, with results confirming consistency of core relationships. Practical implications are provided for policymakers, fintech managers, and IT strategists seeking to promote more trustworthy and environmentally responsible digital finance under regulatory uncertainty.