Survey finds Europeans want home countries to regulate crypto, not EU

Regulation

A large-scale poll across 12 European Union member states reveals that a majority of Europeans would prefer local governments to create and regulate cryptocurrencies. 

Redfield & Wilton Strategies carried out a survey for Euronews, polling 31,000 respondents from Estonia, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, the Netherlands, Poland, Portugal and Spain.

Against the backdrop of the new crypto laws proposed by the European Commission (EC), a lion’s share of respondents from all nations supported the creation of a national cryptocurrency. The main reason for an in-house token, however, is attributed to gaining financial independence from the European Union.

Out of the lot, respondents from Greece (40%), Italy (41%) and Estonia (39%) showed the highest support for a national cryptocurrency, while an average of 30% of respondents from other countries was in favor of a national cryptocurrency. 

Going against this trend, 37% of respondents from the Netherlands opposed the launch of national crypto initiatives, dwarfing the 18% supporting respondents.

Moreover, nearly 60% of the 31,000 respondents want their national government to determine financial regulations rather than depending on the European Union.

Related: Europe awaits implementation of regulatory framework for crypto assets

The EC is currently attempting to implement regulations for crypto assets across the EU. On Sept. 24, 2020, the EC proposed a new digital finance package that included legislative proposals related to the handling of crypto assets in the member states.

Providing clarity to the move, the EC stated that “by making rules safer and more digital friendly for consumers, the Commission aims to boost responsible innovation in the EU’s financial sector, especially for highly innovative digital start-ups.”

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