Abstract
This study examined the challenges and best practices in accounting for cryptocurrency, focusing
on students’ awareness, use, and practices. Motivated by the rapid adoption of cryptocurrency
and its accounting complexities among young users, the research aimed to assess students’
awareness and usage, identify financial and accounting challenges, evaluate perceptions of risks
and benefits, and recommend best practices for responsible use. A survey research design was
adopted, targeting 783 undergraduate accounting students, with 162 selected using Yamane’s
formula. Data were collected via a structured questionnaire and analyzed using descriptive
statistics (mean, standard deviation, minimum, maximum) and inferential statistics (one-way
ANOVA and Tukey Post Hoc test). Findings revealed moderate to high awareness and usage of
cryptocurrency, increasing with academic level. Key challenges included regulatory gaps,
volatility, and limited disclosure standards. Students’ perceptions of risks and benefits, as well as
recommendations for responsible use, varied significantly across levels, with hypothesis testing
confirming significant differences across all objectives. The study concluded that while students
are increasingly aware of cryptocurrency, accounting for its use remains challenging. It
recommended integrating cryptocurrency into curricula, establishing clear regulatory policies,
and promoting awareness campaigns to encourage responsible usage, contributing to
understanding digital financial practices among youths.