How does the use of cryptocurrency affect circular economy practices in manufacturing companies?

Abstract

In nations facing international pressures, such as sanctions, leaders should attempt to utilize advanced technologies more effectively, while fostering the skills and intelligence of the human resources, and enhancing public confidence in the use of emerging technologies in Industry 5.0. In this article our goal is to investigate the effect of acceptance and use of cryptocurrencies on the circular economy. The theoretical contribution of this research is to enrich the literature related to the factors affecting the adoption of digital currencies and its impact on the circular economy. Also, due to the importance of technology awareness in Industry 5, its effect on the adoption of digital currencies was evaluated. For several decades, Iran has been exposed to political and economic sanctions by the United Nations Security Council, the US, and the European Union (EU). Given the importance of natural resources in Iran's economy, and the presence of barriers regarding financial transactions, all manufacturing companies working in Iran were selected as the statistical population of the current study. The findings showed that variables like the realized ease of use, the realized efficiency, trust, technological intelligence and social influence have been effective on the acceptance and use of cryptocurrencies. Also, use of cryptocurrencies in manufacturing companies has had effect on the circular economy activities. The other research results revealed that the factor of economic sanction in the studied society might have effect on the use of cryptocurrencies and consequently companies’ circular economy. The policy-makers active in the field of the environment, and also managers of manufacturing companies by creating an infrastructure for financial exchange based on digital currency can provide the needed ground for production in line with the environment and sustainable resource management.