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This study delves into twofundamental areas: first, the identification of factors that shape the inclination ofVietnamese individuals to embrace digital currency within select nations; a
FOREIGN TRADE UNIVERSITY FALCULTY OF INTERNATIONAL ECONOMICS -o0o ECONOMETRICS REPORT THE DETERMINANTS OF VIETNAMESE’S INTENTION TO INVEST IN DIGITAL CURRENCY IN 2023 Instructor : Ph.D Vu Thi Phuong Mai Group : 15 Members : Nguyen Truong Giang Course 2213150064 Le Nguyen Minh 2212150112 Tran Do Bao Thai 2211150630 Pham Minh Duc 2212150061 Le Nguyen Duc Long 2211150624 : KTEE309(HK1-2324)2.2 Ha Noi, December 2023 TABLE OF CONTENTS TABLE OF FIGURES ACKNOWLEDGEMENTS ABSTRACT .6 INTRODUCTION I Reason for choosing topic II Objectives and Questions of Inquiry .7 III Methodology IV Structure of the Study MAIN CONTENT I The Theoretical Foundation of Digital Currency Definition of Digital Currency: The Global Context of Digital Currency: 10 II Literature Review 11 Overview and Research Gap: 11 Determinants Affecting Vietnamese People's Intention to Use Digital Currency: 12 III Theoretical framework: .13 IV Empirical model 14 Research methodology 14 Definition of Variables: .16 Expected signs of variables and definitions .17 V Data source: 19 Data descriptive: 19 Theoretical model 20 VI Regression results 24 Regression model 24 Testing the appropriateness of the regression model 26 Testing the statistical significance of independent variables 26 Testing for violations of classical linear regression model assumptions 29 Remedies for violations of classical linear regression model assumptions 31 CONCLUSION .35 I The Current situation .35 Overview 35 Outlook 35 II Policy Implications 36 III Conclusion 37 REFERENCES 39 TABLE OF FIGURES Figure Top 10 Cryptocurrency in June 2023 by CoinGecko 10 Figure Theoretical framework 14 Figure Statements used in survey 15 Figure Expected signs of variables 17 Figure Data description 19 Figure Demographics of respondents 20 Figure Summary of statistics 21 Figure Results of correlation test .22 Figure Variables's name explainations 24 Figure 10 Results of regression model 24 Figure 11 Results of p-value method 27 Figure 12 Results of critical value method 28 Figure 13 Results of confidence interval method 29 Figure 14 Results for detection of multicollinearity using command [VIF] 29 ACKNOWLEDGEMENTS Our research team would like to express our deep and sincere gratitude to PhD Vu Thi Phuong Mai - Econometrics lecturer, who provided us with theoretical knowledge and valuable support in formulating and investigating the research subject We would also like to thank her for her empathy, patience, and knowledge that she imparts onto us It was a great honor and privilege to work under her guidance Our thanks and appreciations also go to our respondents who willingly helped with their full cooperation which has made the research study achieve its smooth operation We would like to give thanks for the time and knowledge that you have given us to conduct this study Last but not least, to our dearest parents for their consideration for the finances and undying support throughout the making of this study As well as for their words of encouragement to all those nights we have spent to make the research study To complete this paper, our research team has worked exceptionally hard to examine data and advance our expertise However, because our professional expertise and experience as authors is currently insufficient, our study cannot completely prevent flaws or faults during the research process As a result, our team is eager to hear your comments and recommendations so that we may improve the paper's quality and learn from our mistakes The Researchers ABSTRACT The impact of digital currency on exchange rates and its direct influence on the global economy are subjects of paramount importance This study delves into two fundamental areas: first, the identification of factors that shape the inclination of Vietnamese individuals to embrace digital currency within select nations; and second, an exploration of the positive or negative effects of these factors on such inclinations To gather accurate insights into the dynamics of digital currency consumption trends among the Vietnamese population, a survey targeting individuals aged 18 to 30 was conducted in the year 2023 Employing Ordinary Least Squares (OLS) regression analysis, this research endeavors to dissect and expound upon the factors embedded within the proposed model that significantly influence the intention of Vietnamese individuals to adopt digital currencies The analytical results will be thoroughly examined and accompanied by comprehensive explanations to enhance our understanding of the intricacies involved Moreover, beyond the empirical findings, this study aims to contribute valuable perspectives, ideas, and recommendations that can be instrumental in informing the future policy-making endeavors of Vietnam As the financial landscape continues to evolve, particularly with the rising prominence of digital currencies, it becomes imperative to manage and monitor their adoption intentions in tandem with the ongoing economic development processes In conclusion, this research not only seeks to uncover the determinants of digital currency adoption among the Vietnamese demographic but also strives to provide a robust foundation for policy considerations The ultimate goal is to facilitate effective financial market management, ensuring that the integration of digital currencies aligns seamlessly with the broader economic trajectory of Vietnam Keywords: 2023, the intention, digital currency, the determinants Document continues below Discover more from: Econometrics Trường Đại học Ngoạ… 418 documents Go to course Apparel and Footwear 74 in Vietnam(Full Market… Econometrics 13 97% (29) ON TAP KINH TE Luong revision Econometrics 100% (12) Kinh tế lượng - AAA 46 Class Econometrics 100% (6) Ethics - SDaa 31 Econometrics 100% (5) A collection of past 17 exams Econometrics 100% (5) Tut 9.1 trm Econometrics 100% (4) INTRODUCTION I Reason for choosing topic Digital currency, a groundbreaking technological advancement, has garnered significant attention from researchers, investors, financial institutions, and regulators alike It represents a form of commerce existing solely in electronic realms, devoid of any physical or material underpinning The evolution of virtual landscapes in the digital era has accentuated the value of digital currency, recognizing money as an indispensable element in facilitating transactions and trustworthy agreements among global residents The imperative for digital currencies, supporting seamless and real-time financial transactions, has surged in tandem with high-tech advancements and the modernization of financial systems (Brezo & Bringas, 2012) Furthermore, the adoption preferences of citizens for digital currencies play a pivotal role in determining the viability of digital systems, encompassing smart cities, smart governments, and economic frameworks Digital currencies, straddling both economic and cybernetic domains, are crafted through a peer-to-peer approach to meet the evolving financial needs of the digital era (Brière, Oosterlinck, & Szafarz, 2015) Government involvement becomes paramount, as the absence of support raises skepticism about the acceptance of this new technology by the old financial system and the populace (Hern, 2013), sparking uncertainties about whether digital currency could replace traditional money II Objectives and Questions of Inquiry This research aims to identify the key factors significantly influencing people's inclination to use digital currency The research team endeavors to analyze and predict the relative importance of each factor in shaping the decision to embrace digital currency Such forecasts hold potential not only for Vietnam but also for other nations seeking to make informed economic predictions, capitalize on advantages, mitigate risks, and avert economic disasters The study revolves around three primary questions: What criteria determine the variables influencing the intention of Vietnamese individuals to use digital currencies? How these elements impact the decision to adopt digital currencies, and is the impact positive or negative? If the impact is positive, how can it be promoted, and vice versa? What strategies can be employed to overcome adverse effects? III Methodology The research methodology is grounded in theoretical frameworks and prior experimental studies The research team constructs a linear regression model to explore determinants affecting the intention of Vietnamese individuals to use digital currency Analytical software such as STATA, Microsoft Excel, and Microsoft Word is employed to build and validate models for conclusive and accurate findings Data is exclusively collected from an actual survey to ensure the reliability and accuracy of the information Model testing employs the Ordinary Least Squares (OLS) method to minimize the sum of squares of vertical distances between collected data and the regression line, accompanied by other econometric tools Following a thorough review, testing, and validation of the data, the research team draws conclusions regarding the factors influencing the investment intention in digital currency among the Vietnamese populace IV Structure of the Study To fulfill the research objectives, the team will leverage knowledge from Econometrics and related fields pertinent to the economic domain to explore the relationship between variables across various chapters: I The Theoretical Foundations of Digital Currency II Literature Review III Theoretical Framework IV Construction of the Empirical Model V Exploration of Data Sources MAIN CONTENT I The Theoretical Foundation of Digital Currency Definition of Digital Currency: Digital currency, also referred to as digital money, denotes a form of payment that exists solely in electronic form without a physical representation like coins or paper bills Its transactions and accounting rely on online systems for operations It's crucial to differentiate between digital currencies and electronic cash, such as funds held within an online bank account at a commercial bank An online bank account typically reflects the amount of a specific currency, like Australian dollars, associated with that account This demonstrates a link between electronic cash and physical currency In contrast, a digital currency is a virtual medium of exchange existing exclusively in digital form and has no direct correlation to any tangible money Bitcoin stands as the most recognizable instance of a digital currency, but there are various other digital currencies in use today, each at different stages of development Understanding the concept of "cash" is essential to grasp the nature of digital currency In traditional terms, "cash" refers to non-transferable paper declared legal tender without any tangible backing, often termed fiat money Unlike money tied to physical assets like gold or silver historically, fiat money's value stems from supply and demand dynamics, reliant on trust in the economy and credit rather than intrinsic material worth Similar to fiat money, digital currency lacks physical representation and isn't backed by tangible assets While digital currencies are traded against currencies like the US dollar, they aren't directly linked to physical currencies; their value originates from supply and demand dynamics, akin to fiat money By imposing a limit of 21 million bitcoins, for instance, digital currencies introduced scarcity However, unlike fiat money, digital currencies lack support from governments or centralized entities This support is crucial because confidence loss in fiat money, not anchored to tangible goods, can render it valueless as a store of purchasing power, directly impacting a nation's economy and its governmen