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Economy

Central Bank of Spain Says European Crypto Users Prefer Decentralized Services

According to a recent survey conducted by the Central Bank of Spain, DEXs and unbacked cryptocurrencies are quite popular in the European crypto scene.

04/28/2022

On April 26, the Bank of Spain released a study detailing how Spaniards and Europeans used cryptocurrency in the previous year.

According to the report, Europeans favor decentralized services and unbacked crypto assets like Bitcoin (BTC) and also Ethereum (ETH). Furthermore, the Central Bank of Spain reported that the volume of cryptocurrency transactions in the European Region expanded at an accelerated rate over the last year, surpassing that of the United States, reaching nearly €845 billion.

Europeans have a greater interest in using unbacked cryptocurrencies

According to the survey, Europeans are more interested in utilizing unbacked cryptocurrencies. With BTC and ETH transactions accounting for almost 60% of all transactions performed in the last year. Backed cryptocurrencies accounted for 25% of total interest, with altcoins other than ETH accounting for around 15%.

The ECB, on the other hand, reported that 64 percent of Spaniards prefer to conduct their transactions using decentralized services (which do not require an intermediary). In comparison, the average use of these services in the rest of Europe is 53%.

France Ranks First in Europe Regarding Transaction Volume

According to the survey, France ranks top in Europe in terms of transaction volume, followed by Germany, the Netherlands, and Spain in second, third, and also fourth place, respectively.

These outcomes are to be expected. According to a different analysis by Invezz, an online financial news and education portal, France is the “top nation to trade bitcoin.”

Furthermore, France’s re-elected President, Emmanuel Macron, is one of Europe’s few pro-bitcoin presidents. During an interview with a local media outlet, he discussed the creation of a European metaverse in which cryptocurrencies are regulated without affecting or impeding their development.

“Creating a European metaverse requires us to create, promote, and also master our cultural and creative stuff. “Because of its applicability in music, concerts, art exhibitions, and so on, the metaverse has immense promise in culture and also entertainment.