- Is this the end of cash?
- Cryptocurrency regulation in Europe
- Europeans have limited knowledge of cryptocurrencies
European citizens shared their views in a survey conducted for Euronews by polling company Redfield & Wilton Strategies. It was the largest poll dedicated to the topic of cryptocurrency. A majority of Europeans said that they would prefer to have a national cryptocurrency, particularly in order to achieve financial independence from the EU.
Three quarters of the respondents from various European countries want their government to make any important financial decisions. The poll was conducted across 12 EU member states.
The pie charts from www.euronews.com show that there is a clear preference for national regulation.
In September, the European Commission intends to start discussing new legislation aimed to create a regulatory framework for cryptocurrency assets. During the pandemic, citizens have continued shifting away from cash, and even the most ardent opponents of digital payments have opened up to the new banking payment services. This is why the idea of a cryptocurrency is well received in Europe, especially if it can prevent the EU from imposing its rules.
The European Central Bank (ECB) is closely monitoring all trends in the sphere of financial transactions. At least one third of the respondents claimed that the European Central Bank and the EU have been intervening too aggressively in their national economy. This opinion is especially popular in Greece (61%), Germany (34%), and Latvia (31%).
This is the result of their lengthy recovery from the euro crisis that began a decade ago. People are sure that the crisis was caused by certain poor decisions by the European Union that tried to use a one-size-fits-all solution to all European countries with their different mentalities and development levels.
However, about one third of the population in Lithuania, Spain, Portugal, and Estonia believe that the EU has intervened just the right amount and has helped the economy of their countries. Still, the idea that the EU should continue to determine financial regulations is not popular in any of the countries.
The only country where the majority of citizens opposed the idea of a national digital currency was the Netherlands. The highest support for the initiative (around 40% on average) was marked in Italy, Greece, Estonia, and Spain. German citizens were divided, with 30% of votes in favor and against a digital euro.
The general trend is obvious: the EU wants to have full control over cryptocurrency, while the Europeans do not like this idea and believe that the EU intervenes too much.
Experts consider national e-currencies to be an unfeasible idea at this stage in the development of the European Union. The introduction of such cryptos would mean that the countries would have to leave the Eurozone.
The survey has shown that many of the respondents have rather limited knowledge of crypto. This is the reason why they avoid buying cryptocurrencies and investing.
The minority of citizens who have already bought Bitcoin or other cryptos hope to become wealthy. Still, most respondents state that they would prefer their government, and not the EU to regulate cryptocurrencies.
Results of the poll on monetary independence from the EU
Europeans have been increasingly interested in buying cryptocurrencies, which makes the EU consider various regulation means. On Wednesday, Euronews Next published an analysis of the poll by Louisa Idel, Head of European Insights at Redfield & Wilton Strategies, who states that these questions will be controversial.
She comments, “In essence, regulators around the world face two options: to tightly control and centralize the future direction of crypto assets, for example through the creation of a Central Bank Digital Currency (CBDC), or to adopt an open legal and regulatory framework that allows stablecoins, especially those pegged to multiple currencies to operate smoothly. If the EU chooses the former approach of creating a CBDC, it is unlikely to win”.