RUAHA CATHOLIC UNIVERSITY

The purpose of this study is to investigate the impact of crypto currency technology on socioeconomic transformation. This research was motivated by the need for a secure currency that cannot be counterfeited and concerns about the safety and security of hard cash transactions. The study utilized an explanatory research design conducted in Dodoma City Council. The participants included individuals and business firms, bankers, officials from various government agencies, and Dodoma City Council officials, resulting in 104 respondents. Data were collected primarily through questionnaires and secondarily through the review of journals and published report from BoT. The collected data were analyzed using the Non-Normalized Fit Index (NNFI), the goodness of fit index (GFI), and the discriminant analysis tool. The analysis results indicate that crypto currency technology positively impacts socio-economic transformation by creating stable monetary systems, reducing transaction costs, and stabilizing market efficiency. However, the technology was not adopted due to non-formalization issues, lack of reliable database for all Tanzanian residents, and unstable internet subscription, telecommunication network and electrical energy supply. Therefore, the study recommends that policymakers address these issues to realise crypto currency technology's expected impacts on socio-economic transformation.

Crypto-currency, Stable monetary systems, Cashless transactions, Market efficiency, socio-economic transformation