Member Countries of European Union Desire Independent Cryptocurrency Regulations

European countries are not willing to accept laws and regulations regarding the matter of cryptocurrency from the European Union (EU). A poll was conducted to determine the majority outlook of the citizens in this matter.

European Countries Reject Imposed Cryptocurrency Regulations by the European Union (EU)

An enormous survey was conducted for Euronews by Redfield and Wilton Strategies which is the broadest of its sort led in Europe to determine the citizen’s opinion regarding cryptocurrency and crypto regulations which are formulated by the European Union (EU).

The survey was conducted between August 4 to 10. A total number of 31,000 respondents participated in this survey across 12 EU member states. The individual countries are Estonia, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, the Netherlands, Poland, Portugal, and Spain.

The polls conducted by Euronews deliver the result that, upon analyzing the stats almost all the member countries want their administration to formulate rules and guides to regulate cryptocurrency. They reject the idea of accepting laws formulated by the EU.

The poll results revealed that the following countries have major support for the issuance of locally made laws: Greece (51%), Italy (47%), Estonia (46%), Netherlands (41%), Germany (40%), Latvia (39%), and France (37%).

Besides, cryptocurrency regulations the citizens from the European block states also desire to have national digital currencies instead of a digital Euro. This is because they want greater autonomy in monetary matters. The European member countries also blame the EU for being inefficacious in matters of finance and political integrity.

Eurozone, Source: EURACTIVE.com

Dimitar Lilkov, from the Wilfried Martens Center for European Studies in Brussels, stated that “a major part of the population is convinced that the crisis was caused due to bad decisions taken on the EU level and not because severe deficiencies in their national banking sector, soaring public debt and unreformed labor markets.”

Earlier this year in Feb, when covid-19 surged up, the European Union bank suffered a bankruptcy, a massive amount of funds were lost. The European block suffered a major economic and health crisis. Innumerable people were getting affected by the virus, businesses suffered losses, people lost jobs &c. A note by Reuters stated, “Once the unprecedented public support measures expire, several businesses are likely to default on their debt obligations, leading to higher non-performing loans and insolvencies.”

However, Europe has been the point of conflict for political integrity among the member states for a long time. Here as well, the results of the poll conducted by Euronews didn’t provide a 100% clear majority in canceling EU’s intervention. 

Many countries affirmed that they supported the initiative in cryptocurrency regulations by the EU: Italians (41%), Greeks (40%), Estonians (39%), and Spaniards (37%).

A majority of respondents from Hungary (49%) and the Netherlands (76%) felt taking financial decisions should be their national government’s responsibility, and not the EU’s.

In this case, Dimitar Lilkov stated, “While the Eurozone is a financial union, there is no fiscal union in place. European countries co-operate on fiscal policy (deficits, debt) but the final decisions on financial matters (i.e., national budget, financial priorities) are determined by national governments.”

Also Read: Unsatisfied South Korea is welcoming cryptocurrencies and is attempting to regulate them