Presenting a Risk Management Model for The Use of Cryptocurrencies in Iran

Presenting a Risk Management Model for The Use of

Cryptocurrencies in Iran

Subject Areas : Financial Knowledge of Securities Analysis

Mostafa Aref ¹ , jafar jamali ² , Heidar Foroughnejad ³

1 - Faculty of Management and Economics, Science and Research Unit, Islamic Azad University, Tehran, Iran
2 - Assistant Professor, Private Law Department, Faculty of Management and Economics, Science and Research Unit, Islamic Azad University, Tehran, Iran
3 - Assistant Professor, Department of Financial Management, School of Management and Social Sciences, North Tehran Branch, Islamic Azad University, Tehran, Iran and Visiting Professor, Department of Finance, Faculty of Management and Economics, Science

Received: 2023-02-15 Accepted : 2024-09-25 Published : 2024-09-26

Keywords: Blockchain, Cryptocurrency, Risk, Structural Equation Modeling,

Abstract :

The purpose of this research is to present the risk management model of cryptocurrencies in Iran with a combined (qualitative and quantitative) approach. In the qualitative section, a conceptual model was designed by asking 20 experts in the field of cryptocurrencies and blockchain through an open questionnaire. In the quantitative stage, the model was tested with a statistical sample of 102 experts in the field of payments system using the Structural Equation Modeling approach. Data analysis was done in two parts: measurement and structural model. The technical characteristics of the model including reliability, convergent and divergent validity were investigated. In the structural part, research hypotheses were also evaluated. The results show that legal and jurisprudential, technological, political/security and economic risks are among the risks that affect the use of cryptocurrencies. The effect of using cryptocurrencies on benefiting from its benefits was also positively obtained; Therefore, it can be concluded that although blockchain technology and cryptocurrencies have various risks, but it has many benefits that governments can benefit from with appropriate and expert planning.