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Accounting in Cryptocurrency: A Study of Students’ Use

Umenzekwe, Peace Chioma Ike Vincent Chukwuemeka

Abstract

This study examined the challenges and best practices in accounting for cryptocurrency, focusing on students’ awareness, use, and practices. Motivated by the rapid adoption of cryptocurrency and its accounting complexities among young users, the research aimed to assess students’ awareness and usage, identify financial and accounting challenges, evaluate perceptions of risks and benefits, and recommend best practices for responsible use. A survey research design was adopted, targeting 783 undergraduate accounting students, with 162 selected using Yamane’s formula. Data were collected via a structured questionnaire and analyzed using descriptive statistics (mean, standard deviation, minimum, maximum) and inferential statistics (one-way ANOVA and Tukey Post Hoc test). Findings revealed moderate to high awareness and usage of cryptocurrency, increasing with academic level. Key challenges included regulatory gaps, volatility, and limited disclosure standards. Students’ perceptions of risks and benefits, as well as recommendations for responsible use, varied significantly across levels, with hypothesis testing confirming significant differences across all objectives. The study concluded that while students are increasingly aware of cryptocurrency, accounting for its use remains challenging. It recommended integrating cryptocurrency into curricula, establishing clear regulatory policies, and promoting awareness campaigns to encourage responsible usage, contributing to understanding digital financial practices among youths. Key Words: Cryptocurrency, accounting, challenges, practices, students’ use

Keywords

Cryptocurrencyaccountingchallengespracticesstudents’ use

References

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