A Popular Demand Across the Continent
A recent poll conducted across 12 European Union member states has revealed a striking preference among Europeans for local governments to control the creation and regulation of cryptocurrencies. The extensive survey, executed by Redfield & Wilton Strategies for Euronews, gathered insights from 31,000 respondents in countries including Estonia, France, Germany, and more.
The Push for Independence
As discussions around new crypto laws by the European Commission gain momentum, a substantial number of respondents expressed their desire for a national cryptocurrency. The primary motivation? Gaining financial independence from overarching EU regulations. It seems that many folks feel they’d be better off calling the shots themselves rather than letting bureaucrats in Brussels make the decisions.
Key Supporters of National Cryptocurrencies
Amongst the respondents, Greece, Italy, and Estonia emerged as the frontrunners in support of national cryptocurrencies, with support levels hitting 40%, 41%, and 39% respectively. It seems the Mediterranean sun and Baltic winds are blowing favorably for such initiatives. Meanwhile, an average of 30% from other nations also expressed support, reflecting a significant appetite overall.
Contrasting Opinions from the Netherlands
However, not everyone is on board with the national crypto train. In a surprising twist, the Netherlands showed considerable skepticism, with 37% of its respondents opposing the launch of national cryptocurrencies—leaving only 18% in favor. Perhaps they’re just more attached to their guilders than they care to admit!
Desire for Local Regulations
In another surprising find, nearly 60% of survey participants prefer that their national governments set financial regulations rather than relying on the European Union. This sentiment underscores a growing belief that local governments might be able to address their unique economic climates better than a one-size-fits-all approach from Brussels. The EU may need to reconsider how to approach financial matters if they wish to maintain stability in this emerging digital finance landscape.
The EC’s Response
The European Commission is aware of these sentiments and is currently working on implementing comprehensive regulations for crypto assets across the EU. On September 24, 2020, they proposed a digital finance package aimed at making the rules more consumer-friendly while promoting safe innovation within the EU’s financial sector. But will this legislative push satisfy the growing demand for localized control? Or will it be seen as just another layer of regulations that stifle the vibrant world of cryptocurrencies?
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