Who adopts crypto assets in Japan? Evidence from the 2019 financial literacy survey
Who adopts crypto assets in Japan? Evidence from the 2019 financial literacy survey
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DOI：
10.1016/j.jjie.2020.101107
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发表时间：
2020-12-01
影响因子：
2.9
通讯作者：
Fujiki, Hiroshi
中科院分区：
文献类型：
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作者：
Fujiki, Hiroshi
自从Facebook在2019年年中宣布其拟议的加密货币Libra以来，加密资产的采用一直是政策制定者非常关注的问题。这种担忧的背后是天秤座在日常交易中被广泛采用的可能性，随之而来的是一系列与洗钱、非法融资以及消费者和投资者保护有关的严重风险。本研究首先调查了区分日本加密资产所有者和非所有者的变量，然后调查了区分属于每个组的所有者和其他所有者的变量。第二个调查集中在四个群体：所有者对密码资产的了解程度，他们投资密码资产的盈利能力，他们持有的传统风险金融资产，以及他们采用非现金支付方式。除了通常的人口统计变量外，还调查了金融知识、金融行为、传统的高风险金融资产持有量以及非现金支付方式的使用。对概率模型和多项Logit模型进行了估计，得到了两个结果。首先，有35个变量可以区分普通的日本加密资产所有者和非所有者。与非所有者相比，所有者更有可能是男性，年龄在30岁以下，税前收入较高，在私人或上市公司工作，或者是个体户，并且是研究生毕业生。从客观财务知识和在校财务教育经验两个角度来看，业主的财务素养较高，而从父母在家理财的财务教育经验、财务困难经历和信用卡知识三个角度来看，业主的财务素养较低。在金融行为方面，所有者倾向于对自己的金融知识过于自信，缺乏耐心，在选择金融产品时根据声誉进行判断，缺乏自控力，风险厌恶程度低于非所有者。所有者往往有投资传统风险金融资产的经验，并使用非现金支付方式。其次，在统计上显著区分普通业主和非业主的变量中，有40%-60%的变量还区分了属于四组中三组(不包括使用非现金支付方式的组)的业主和不属于这四组的业主。这些结果表明，针对加密资产所有者的政策如果得到实施，不仅应该考虑普通所有者的特征，还应该考虑所有者的异质性。
The adoption of crypto assets has been of great concern to policymakers ever since Facebook announced its proposed cryptocurrency, Libra, in mid-2019. Behind this concern lies the possibility of widespread Libra adoption for day-to-day transactions, bringing with it a set of serious risks related to money laundering, illicit financing, and consumer and investor protection. This study first investigates the variables that distinguish Japanese crypto-asset owners from nonowners, then investigates the variables that distinguish the owners belonging to each group from the rest of the owners. The second investigation focuses on four groups: owners' level of understanding of crypto assets, the profitability of their investment in crypto assets, their holdings of conventional risky financial assets, and their adoption of noncash payment methods. In addition to the usual demographic variables, financial literacy, financial behavior, conventional risky financial asset holdings, and use of noncash payment methods are also investigated. Both probit models and multinomial logit models are estimated and two results are obtained. First, 35 variables distinguish average Japanese crypto-asset owners from nonowners. Owners are more likely to be male, aged below 30 years, have higher pretax income, work in private or public companies, or be self-employed, and be graduate-school graduates compared with nonowners. Owners tend to have higher financial literacy from two perspectives: a measure of objective financial literacy and the experience of financial education at school, and lower financial literacy from three perspectives: the experience of financial education about money management by parents at home, experience of financial troubles, and knowledge about credit cards, than average nonowners. Regarding financial behavior, owners tend to be overconfident about their financial literacy, impatient, judge based on reputation in selecting financial products, lack self-control, and less risk-averse than nonowners. Owners tend to have experience investing in conventional risky financial assets and to use noncash payment methods. Second, 40-60% of variables that statistically significantly distinguish between the average owners and nonowners also differentiate the owners belonging to three of the four groups (excluded is the group that uses noncash payment methods) from the owners not belonging to the groups. These results suggest that policies for crypto-asset owners, if ever implemented, should not only consider the average owner's characteristics, but also owners' heterogeneity.