According to the results of a new research and study, it came to the conclusion that about 60% of Europeans want cryptocurrency to be regulated by their local governments rather than the European Union.

Interestingly, a growing number of them believe that creating national digital currencies will give their countries some financial independence from the European Union.

European Union Crypto Market Regulations Are Not Favorable by Europeans:

revealed A survey of 31,000 participants from 12 different countries (all members of the European Union) shows that the vast majority, around 60%, want their authorities to regulate the cryptocurrency market.

On the other hand, almost 25% think that the EU will act as a better watchdog.

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Taking a closer look, the residents of the Netherlands and Estonia are the biggest supporters of their governments, at 76% and 70% respectively.

Conversely, Spain, Poland and Latvia had the lowest number in those stats – 50%.

The Iberian province is also a big supporter of the EU, with 36% of local respondents responding that they would like to see crypto regulations come from the EU.

It is worth noting that an increasing proportion of the European population supports the creation of national digital currencies as an option to gain monetary independence from the European Union, as the percentages of respondents who agree with this indicate the following:

Italy (41%), Greece (40%) and Estonia (39%) are the top three countries in that statistic, while 37% of Dutch people think otherwise.

Dimitar Lilikov, a researcher at the Wilfried Martens Center for European Studies in Brussels, saw that the Netherlands is one of those countries in which the study’s respondents do not support the creation of a local digital currency instead of the currency of the European Union, and added:

For a province like Greece or the Netherlands and choosing a national digital currency different from the euro (e-drachma or e-Guilder), this would mean detachment from the eurozone.

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This will not happen.

Europe needs to regulate the crypto market ASAP:

While the aforementioned research has shown that the majority of Europeans do not want the European Union to regulate the cryptocurrency market, the President of the French Central Bank, François Villeroy de Galau, had a somewhat different opinion.

The Governor of the Bank of France claimed that the European Union needs to build a regulatory framework around cryptocurrencies to maintain its financial dominance, stating:

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Whether it’s digital currencies or payments, we in Europe must be prepared to act as quickly as possible, or risk the erosion of our monetary sovereignty.

The same spokesman stressed that the international performance of the euro is also threatened if the European Union does not keep pace with regulatory changes.

In his opinion, the move must be implemented in the coming months, or else the organization will lose its momentum. He commented:

I must stress here an urgent necessity:

We don’t have much time left, a year or two.

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