Survey shows EU-imposed cryptocurrency regulations rejected by European citizens

According to a recent poll study conducted by Redfield & Wilton Strategies, a global consulting firm, Europeans are against the EU-imposed cryptocurrency restrictions on its member states, as stated in a report.
The survey polled above 31,000 citizens in 12 member states in the European Union (EU), namely Germany, Estonia, France, Greece, Hungary, Italy, Latvia, Lithuania, the Netherlands, Poland, Spain and Portugal. Most of the citizens surveyed in favour of an independent cryptocurrency regulation in each country compared to the total 25 percent that approved EU imposed regulation. These surveyed people however admitted that they have insufficient knowledge about cryptocurrency, pointing to the fact that despite the recent crypto boom, there was a great need for people to get better informed about the crypto phenomenon.
The survey came up with the following findings :

  • Most Europeans support locally issued laws instead of set rules imposed by the European Union.
  • 51 percent citizens from Greece,47 percent citizens from Italy,46 percent from Estonia, 41 percent from Netherlands,40 percent from Germany, 39 percent from Latvia and 37 percent from France preferred their own government to regulate their respective cryptocurrencies.
  • Majority of citizens surprisingly preferred the issuance of local cryptocurrency in lieu of a digital euro, showing that most Europeans find the European Union integration economically inefficient.
  • However, Eurozone countries, 41 percent Italian, 40 percent Greeks, 39 percent Estonians and 37 percent Spaniards favoured the initiative of having a common digital euro.

Dimitar Lilkov, Research Officer at Wilfried Martens Center for European Studies in Brussels said that Eurozone countries wanting to make use of a digital currency would be linked to a potential digital euro, led by the European Central Bank (ECB) in coordination with the eurozone banking system as per the report. On the other hand, any country that would issue its own Central Bank Digital Currency (CBDC) would have to exit the EU to be able to do so, as digital euro is likely to come in future, Lilkov added.
According to the survey, lack of knowledge about cryptocurrencies seems to be the main reason behind the reluctance of Europeans in purchasing crypto assets.