The Central Bank of Spain published a report on April 26 that outlined how Europeans, mainly Spaniards and Europeans, used cryptocurrencies in the prior year. The report states that Europeans prefer DEXs and unbacked crypto-assets such as Bitcoin (BTC) and Ethereum (ETH) over centralised exchanges.
According to the Central Bank of Spain, the volume of crypto transactions in the European Union increased at a rapid pace over the last year, surpassing that of the US and reaching nearly €845 billion. Report reveals:
“Over the past year, the volume of transactions in Europe was nearly €845 billion in crypto assets (4.9% of GDP, 0.9% of total financial assets), representing 25% of the global total, ahead of North America.”
According to the report, Europeans are more interested in utilising unbacked cryptocurrencies like Bitcoin and Ethereum. Last year, unbacked cryptocurrency transactions accounted for more than 60% of all transactions. Other than ETH, interest in altcoins was 15%, with supported cryptocurrencies accounting for 25% of the total.
On the other hand, the European Central Bank (ECB) indicated that 64% of Spaniards prefer to conduct their transactions using decentralised exchanges. In comparison, the average use of these services in the rest of Europe is 53%.
It demonstrates that, despite the popularity of centralised exchanges like Binance or Bit2me in Europe, the legal framework encourages citizens to seek out alternative ways to engage and trade. Uniswap, Pancakeswap, Sushiswap, and other similar services step in to fill the void.
Crypto-friendly European countries
According to the survey, France has the highest transaction volume in Europe, followed by Germany, the Netherlands, and Spain which is not a surprising outcome. France’s re-elected President, Emmanuel Macron, is one of Europe’s few pro-bitcoin presidents.
According to a separate research published by Invezz, an online financial news, France is the “top nation to trade bitcoin.” Macron promises to create a legal environment that promotes the crypto industry and encourages Web3 innovation for France to become a European cryptocurrency leader.
In an interview with a local media source, he advocated how Europe is a place where cryptocurrencies are regulated without hindering or slowing down their development. He elaborated:
“Building a European metaverse also means producing, promoting, and mastering our cultural and creative content. The metaverse has enormous potential in culture and entertainment thanks to its applications in music, concerts, art exhibitions, etc. We cannot consider our cultural policy without this revolution.”
