Blockchain, Cryptocurrencies, and Decentralized Finance: A Case Study of Financial Inclusion in Morocco
Abstract
1. Introduction
2. Literature Review
2.1. Cryptocurrencies and Financial Inclusion
2.2. Theoretical Frameworks and Multidimensional Determinants of Cryptocurrency Adoption
2.3. Financial Literacy, Digital Infrastructure, and Institutional Environments: Drivers and Constraints of Inclusion
3. Research Method
3.1. General Approach
3.2. Data Collection
3.3. Sample Selection, Measures and Variables
3.4. Structural Model, Provisional Conceptual Framework and Hypotheses Development
- Validating an integrated theoretical model by simultaneously testing the relationships between cryptocurrency adoption, financial inclusion, and mediating factors (financial literacy, digital infrastructure).
- Analyzing both direct and indirect effects: for example, the impact of cryptocurrencies on financial inclusion may be mediated by financial literacy.
- Managing latent variables of concepts such as financial inclusion or financial literacy, which cannot be directly measured but are modeled from observable indicators.
- η is the vector of dependent latent variables (financial inclusion).
- ξ is the vector of independent latent variables (cryptocurrency adoption).
- B and Γ are the matrices of structural coefficients.
- ζ is the error term.
3.5. Data Analysis
4. Results
4.1. Demographic Characteristics of the Sample
4.2. Results of Hypothesis Testing
5. Discussion
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variable | Category | Percentage |
---|---|---|
Age | 18–30 years | 40% |
31–45 years | 35% | |
46 years and above | 25% | |
Gender | Male | 55% |
Female | 45% | |
Education Level | Primary or below | 25% |
Secondary | 40% | |
University | 35% | |
Monthly Income | Less than 3500 MAD | 30% |
3500–6500 MAD | 50% | |
More than 6500 MAD | 20% | |
Use of Financial Services | Bank account | 65% |
Unbanked | 35% | |
Cryptocurrency Adoption | Users | 20% |
Non-users | 80% |
Latent Variable | Cronbach’s Alpha | rho_a | rho_c | AVE |
---|---|---|---|---|
Cryptocurrency Adoption | 0.82 | 0.85 | 0.88 | 0.65 |
Financial Inclusion | 0.78 | 0.80 | 0.85 | 0.70 |
Financial Literacy | 0.85 | 0.86 | 0.89 | 0.60 |
Digital Infrastructure | 0.80 | 0.81 | 0.84 | 0.72 |
Latent Variable | Cryptocurrency Adoption | Financial Inclusion | Financial Literacy | Digital Infrastructure |
---|---|---|---|---|
Cryptocurrency Adoption | 0.81 | |||
Financial Inclusion | 0.50 | 0.84 | ||
Financial Literacy | 0.45 | 0.60 | 0.77 | |
Digital Infrastructure | 0.55 | 0.65 | 0.70 | 0.85 |
Hypothesis | Tested Relationship | Coefficient (β) | p-Value | Result |
---|---|---|---|---|
H1: Cryptocurrency adoption has a positive impact on financial inclusion. | Cryptocurrency Adoption → Financial Inclusion | 0.45 | <0.001 | Supported (positive and significant impact) |
H2: Financial literacy mediates the effect of cryptocurrencies on financial inclusion. | Cryptocurrency Adoption → Financial Literacy → Financial Inclusion | 0.28 (indirect effect) | <0.01 | Supported (partial mediation effect) |
H3: Digital infrastructure moderates the effect of cryptocurrencies on financial inclusion. | Cryptocurrency Adoption × Digital Infrastructure → Financial Inclusion | 0.32 (moderating effect) | <0.05 | Supported (positive moderating effect) |
Fit Index | Value | Reference Threshold | Result |
---|---|---|---|
CFI (Comparative Fit Index) | 0.94 | >0.90 | Good fit |
TLI (Tucker–Lewis Index) | 0.92 | >0.90 | Good fit |
RMSEA (Root Mean Square Error of Approximation) | 0.06 | <0.08 | Good fit |
Variables | Indicators | Factor Loading | |
---|---|---|---|
Cryptocurrency Adoption | Ad1 | Frequency of use | 0.75 |
Ad2 | Transaction volume | 0.82 | |
Ad3 | Knowledge of cryptocurrencies | 0.68 | |
Ad4 | Future intention to use | 0.71 | |
Financial Inclusion | IF1 | Number of bank accounts | 0.70 |
IF2 | Frequency of use | 0.65 | |
IF3 | Access to credit | 0.73 | |
IF4 | Use of savings services | 0.69 | |
Financial Literacy | LF1 | Understanding score | 0.80 |
LF2 | Knowledge of interest rates | 0.75 | |
LF3 | Ability to compare offers | 0.72 | |
LF4 | Personal budget management | 0.68 | |
Digital Infrastructure | DI1 | Internet access | 0.72 |
DI2 | Smartphone ownership | 0.75 | |
DI3 | Quality of connectivity | 0.68 | |
DI4 | Frequency of Internet usage | 0.70 |
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Abdallah-Ou-Moussa, S.; Wynn, M.; Kharbouch, O. Blockchain, Cryptocurrencies, and Decentralized Finance: A Case Study of Financial Inclusion in Morocco. Int. J. Financial Stud. 2025, 13, 124. https://doi.org/10.3390/ijfs13030124
Abdallah-Ou-Moussa S, Wynn M, Kharbouch O. Blockchain, Cryptocurrencies, and Decentralized Finance: A Case Study of Financial Inclusion in Morocco. International Journal of Financial Studies. 2025; 13(3):124. https://doi.org/10.3390/ijfs13030124
Chicago/Turabian StyleAbdallah-Ou-Moussa, Soukaina, Martin Wynn, and Omar Kharbouch. 2025. "Blockchain, Cryptocurrencies, and Decentralized Finance: A Case Study of Financial Inclusion in Morocco" International Journal of Financial Studies 13, no. 3: 124. https://doi.org/10.3390/ijfs13030124
APA StyleAbdallah-Ou-Moussa, S., Wynn, M., & Kharbouch, O. (2025). Blockchain, Cryptocurrencies, and Decentralized Finance: A Case Study of Financial Inclusion in Morocco. International Journal of Financial Studies, 13(3), 124. https://doi.org/10.3390/ijfs13030124