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Survey: most Europeans want cryptocurrencies to be regulated by local governments, not the EU

2 min read
 

According to the recent survey around 60% of Europeans prefer to regulate digital assets by their own countries over the European Union. It is also interesting that a growing number of people believe that the creation of national digital currencies would give their nations a degree of financial independence from the EU.

Most Europeans do not prefer cryptocurrency regulations originating in the EU

A survey of 31,000 participants from 12 different countries found that the vast majority, about 60%, would like cryptocurrencies to be regulated by their local governments. On the other hand, around 25% believe that the EU would serve as a better regulator.

If we take a closer look, the people of the Netherlands and Estonia are the biggest supporters of their governments, at 76% and 70%. On the contrary, the lowest figure in these statistics was recorded in Spain, Hungary, Poland and Latvia – 50%. The state on the Iberian Peninsula is also the biggest supporter of the European Union, with 36% of local participants saying they would like crypto regulation to come from it.

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source: euronews

It is worth noting that a growing part of the European population is in favor of creating national digital currencies as an opportunity to gain monetary independence from the EU. Italy (41%), Greece (40%) and Estonia (39%) are the top three countries in this statistic, while 37% of Dutch people think otherwise.

survey2

 

source: euronews

Dimitar Lilkov – an analyst at the Wilfried Martens Center for European Studies in Brussels – thought that the Netherlands was one of the nations that would support the European Union’s native currency:

“For regions such as Greece or the Netherlands, which would opt for a national digital currency other than the euro (hypothetical e-drachma or e-guilder), this could mean secession from the eurozone. That will not happen. “

Europe needs to regulate cryptocurrencies as soon as possible

While the above-mentioned survey showed that most Europeans do not want the EU to regulate cryptocurrency operations, the head of the French central bank – François Villeroy de Galhau – expressed a completely different opinion.

The governor of the Banque de France argues that the European Union needs to build a regulatory framework for cryptocurrencies in order to maintain its financial dominance:

“Whether it’s digital currencies or payments, we in Europe must be prepared to act as quickly as possible or to risk undermining our monetary sovereignty.”

The banker stressed that if the EU does not make regulatory changes, the international performance of the euro is also jeopardized. In his opinion, this step should be implemented in the coming months, otherwise the organization would “lose momentum”:

“I have to emphasize urgency here: we don’t have much time left, one or two years.”

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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