Crypto Regulation Imposed by the EU Is Rejected by European Citizens

• According to a recent study, the majority of European voters oppose the European Union (EU) imposing a cryptocurrency regulation system on its member states
• The majority of Europeans, according to the poll, prefer locally enacted regulations over those imposed by the European Union
• The idea received the most support from Italians (41 percent), Greeks (40 percent), Estonians (39 percent), and Spaniards (37 percent)

According to a recent study, the majority of European voters oppose the European Union (EU) imposing a cryptocurrency regulation system on its member states. The majority of individuals polled prefer autonomous cryptocurrency regulation in each nation, against 25% who support an EU-imposed regulation.

However, the majority of those questioned said that they don’t know anything about cryptocurrencies, to begin with. According to a recent Euronews study, European voters are opposed to the introduction of EU-imposed cryptocurrency-related legislation. 

More than 31,000 people were questioned by Redfield & Wilton Strategies, a worldwide consulting business, in 12 European countries: Germany, Estonia, France, Greece, Hungary, Italy, Latvia, Lithuania, the Netherlands, Poland, Portugal, and Spain.

The majority of Europeans, according to the poll, prefer locally enacted regulations over those imposed by the European Union. Greece (51%), Italy (47%), Estonia (46%), the Netherlands (41%), Germany (40%), Latvia (39%), and France (37%) indicated they would prefer their own government to control cryptocurrencies. 

Furthermore, an unexpectedly large percentage of individuals would prefer the creation of local cryptocurrencies rather than a digital euro, demonstrating that more and more Europeans blame economic inefficiencies on the European Union’s integration. The Wilfried Martens Center for European Studies in Brussels’ Dimitar Lilkov stated, that a sizable portion of the public continues to believe that the crisis was caused by faulty EU policies rather than major flaws in the country’s banking system.

However, each country’s membership in the EU prevents this from becoming a reality. The idea received the most support from Italians (41 percent), Greeks (40 percent), Estonians (39 percent), and Spaniards (37 percent). Likov had this to say about it: countries in the Eurozone that wish to adopt a digital currency would be linked to a possible digital euro, which would be directed by the ECB and coordinated with the eurozone financial system. 

According to him, any nation that wants to issue its own central bank digital currency would have to leave the EU first, owing to the potential of a digital euro in the future. Most European residents have only heard a little about bitcoin and cryptocurrencies, according to the poll. This demonstrates that, despite the recent bull market in crypto assets, there is still an opportunity for consumers to learn more about cryptocurrencies and their possibilities. Indeed, the poll cites a lack of understanding of cryptocurrencies as the primary reason why Europeans have avoided acquiring crypto assets.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.