“If you live in a place where the government silences its critics by threatening their assets or where you cannot trust the local banking system, you understand the importance of financial freedom to democracy,” said Kreps. “We want to study how people in these countries are using Bitcoin and stablecoins in the pursuit of their financial security.”

Supported by funding from Human Rights Foundation– a nonpartisan, nonprofit organization that promotes and protects human rights globally, with a focus on closed societies– and the Reynolds Foundation– a family foundation dedicated to supporting medical and spinal cord research and treatment, education, and democracy and freedom– the project is scheduled to kick off in July 2024 and conclude in 2026.

According to Professor Kreps, the project will focus on about 12 countries, including India, Nigeria, El Salvador, Indonesia, and Turkey, and investigate Bitcoin and stablecoin uptake. Kreps and her research team will partner with a major global research firm to develop and deliver surveys to 1,000 participants in each country that query not just adoption behaviors on the basis of demographic within each country but also perceptions and attitudes toward these digital currencies.