According to a recent survey, most European citizens reject the idea of a regulatory regime for cryptocurrencies that the European Union (EU) is imposing on its member states. Most of the citizens surveyed tend to have independent regulation of cryptocurrencies in each country, compared with 25% who agree to regulation imposed by the EU. However, most of the citizens surveyed admitted that they still don’t know much about cryptocurrencies from the start.
Europeans reject EU crypto laws and prefer local proposals
According to a recent poll commissioned by Euronews, European citizens are against the introduction of EU-imposed cryptocurrency laws. The survey, carried out by Redfield & Wilton Strategies, a global consulting firm, interviewed more than 31,000 citizens in 12 countries of the European bloc: Germany, Estonia, France, Greece, Hungary, Italy, Latvia, Lithuania, the Netherlands, Poland, Portugal and Spain.
The survey found that most Europeans support locally enacted laws rather than a set of rules imposed by the European Union. Citizens from Greece (51%), Italy (47%), Estonia (46%), Netherlands (41%), Germany (40%), Latvia (39%) and France (37%) said they had their own would prefer government to regulate cryptocurrencies.
In addition, a surprisingly high number of citizens would prefer to issue local cryptocurrencies instead of a digital euro, showing that more and more Europeans attribute economic inefficiencies to the integration of the European Union. Dimitar Lilkov from the Wilfried Martens Center for European Studies in Brussels said:
A large part of the population remains convinced that the crisis was caused by bad decisions at EU level and not by serious shortcomings in the national banking sector.
However, each country’s membership of the EU prevents this from becoming a reality. Italians (41%), Greeks (40%), Estonians (39%) and Spanish (37%) saw the highest levels of support for the initiative. Likov explained:
Eurozone countries that want to use a digital currency would be linked to a potential digital euro that is managed by the ECB in coordination with the Eurozone’s banking system.
For him, every country that issues its own digital central bank currency would have to leave the EU due to the possibility of a future digital euro.
Cryptocurrency still unknown
The survey also found that most European citizens have just heard “a little” about Bitcoin and cryptocurrencies. This shows that despite the recent boom in crypto assets due to a bull season, there is still room for people to be better educated about cryptocurrencies and their proposals. In fact, the survey again shows the lack of knowledge of cryptocurrencies as the main reason why Europeans have avoided buying crypto assets.
What do you think of the EU imposing crypto regulations on its member states? Let us know in the comments section below.
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