Hiroshi Fujiki
Who adopts crypto assets in Japan? Evidence from the 2019 financial literacy survey
Chuo University
adoption crypto assets great concern policymakers ever since facebook announced proposed cryptocurrency libra mid2019 behind concern lies possibility widespread libra adoption daytoday transactions bringing set serious risks related money laundering illicit financing consumer investor protection study first investigates variables distinguish japanese cryptoasset owners nonowners investigates variables distinguish owners belonging group rest owners second investigation focuses four groups owners level understanding crypto assets profitability investment crypto assets holdings conventional risky financial assets adoption noncash payment methods addition usual demographic variables financial literacy financial behavior conventional risky financial asset holdings use noncash payment methods also investigated probit models multinomial logit models estimated two results obtained first 35 variables distinguish average japanese cryptoasset owners nonowners owners likely male aged 30 years higher pretax income work private public companies selfemployed graduateschool graduates compared nonowners owners tend higher financial literacy two perspectives measure objective financial literacy experience financial education school lower financial literacy three perspectives experience financial education money management parents home experience financial troubles knowledge credit cards average nonowners regarding financial behavior owners tend overconfident financial literacy impatient judge based reputation selecting financial products lack selfcontrol less riskaverse nonowners owners tend experience investing conventional risky financial assets use noncash payment methods second 4060 variables statistically significantly distinguish average owners nonowners also differentiate owners belonging three four groups excluded group uses noncash payment methods owners belonging groups results suggest policies cryptoasset owners ever implemented consider average owners characteristics also owners heterogeneity