The dark side of cryptocurrency adoption in an emerging market: perspectives of Tunisian users vs. professionals

Purpose This paper aims to explore the challenges and opportunities of cryptocurrency adoption in Tunisia, focusing on the perspectives of users and professionals. Specifically, it seeks to investigate the underlying factors influencing the adoption and usage of cryptocurrencies in the Tunisian context, including regulatory, technological and socio-economic considerations. By conducting a comprehensive analysis of the motivations, perceptions and experiences of cryptocurrency users and professionals, this research aims to provide valuable insights into the dynamics of cryptocurrency adoption in emerging markets. Through a nuanced examination of these factors, the study ultimately seeks to inform policy decisions, industry practices and future research directions aimed at fostering the responsible and sustainable integration of cryptocurrencies and blockchain technologies into the Tunisian economy. Design/methodology/approach A qualitative approach was used, combining 18 in-depth interviews with professionals alongside netnographic research conducted within two Facebook groups and a Discord group. Data analysis was carried out using T-LAB Plus 2022 software to identify key barriers and motivations to cryptocurrency adoption. Findings The findings reveal four distinct categories of cryptocurrency enthusiasts, along with the primary obstacles to adoption, including regulatory uncertainty, risks of fraud and theft and legal ambiguity. Motivations for adoption include revolutionary sentiments, profit-driven motives and peer influence. Furthermore, blockchain technology is recognized for its potential to enhance transparency and drive economic growth in Tunisia, particularly in sectors such as finance, agriculture and public services. The study reveals key differences between users and professionals in cryptocurrency and blockchain adoption. Users are driven by revolutionary goals and financial gain, while professionals emphasize risks, regulatory ambiguity and the need for clear legal frameworks. This contrast underscores the need for balanced policies that consider both perspectives. Research limitations/implications Limitations of this research include the small sample size due to data confidentiality and the difficulty in recruiting cryptocurrency holders, many of whom were hesitant to participate due to legal concerns. A future quantitative study could further explore these findings and broaden the generalizability of the conclusions, particularly concerning blockchain technology’s potential to drive economic growth. Practical implications The findings of this study highlight the need for regulatory clarity and consumer protection measures to foster trust and legitimacy in the cryptocurrency and blockchain markets in Tunisia. Additionally, educational initiatives and support for blockchain-based projects could promote innovation and economic growth in the region. Social implications Addressing the barriers to cryptocurrency adoption could have significant social implications, including increased financial inclusion, economic empowerment and technological advancement in Tunisia. By fostering an environment conducive to cryptocurrency and blockchain use, the country could position itself as a hub for digital innovation in the region. Originality/value This study offers a unique insight into cryptocurrency adoption in Tunisia, exploring user perspectives in an emerging market facing structural challenges. By comparing user experiences with professional insights, it also sheds light on the divergent views within the ecosystem, offering a comprehensive understanding of the barriers and opportunities in cryptocurrency adoption.