Crypto Adoption is Reaching the Eurozone, ECB Survey Finds

On Tuesday, a European Central Bank survey found that 10% of eurozone households own cryptocurrency. The countries that were polled were Spain, the Netherlands, Italy, Belgium, France, and Germany.  

Only 6% of those surveyed stated they have digital assets worth more than 30,000 euros, while 37% of the participants indicated they had up to 999 euros in cryptocurrency. Meanwhile, the wealthiest 20% of the population owned the most cryptocurrency in comparison to other income tiers.  

However, the ECB warned that the integration of crypto into traditional financial systems will eventually pose a threat to financial stability. Examples of such risks include decentralized finance, or DeFi, in which crypto-based software applications provide financial services without the need for middlemen like banks.  

In light of the prevalence of crypto in the eurozone and the risks it poses, the EU is finalizing crypto-focused legislation that will aim to protect investors. The ECB stated that crypto assets must be brought into a regulatory framework and supervised.