European Cryptocurrencies Users Prefer Decentralized Services, Bank of Spain Says

A recent analysis by the Central Bank of Spain shows that DEXs and unbacked crypto are very popular in the European cryptocurrencies scene.

The report explains that Europeans prefer decentralized services and unsecured crypto assets like Bitcoin (BTC) and Ethereum (ETH). In addition, the Central Bank of Spain noted that the volume of cryptocurrency transactions in the European region has been growing rapidly in recent years, reaching almost 79 million euros, surpassing that of the United States.

Unbacked Cryptocurrencies and Decentralized Services Are Hot Among Europeans

According to the report, Europeans have a more hobby in the usage of unbacked 

cryptocurrencies, with transactions in BTC and ETH accounting for about 60% of all transactions made over the past year. Backed cryptocurrencies accounted for 25%, with a basic Interest in altcoins aside from ETH accomplishing approximately 15%.

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

Which Are The Most Crypto-friendly Countries in Europe?

According to the report, France ranks first in Europe in terms of transaction volume, followed by Germany, the Netherlands, and Spain in second, third, and fourth place. These results are to be expected. Another report from online investment news and education platform Invezz, France is the “best nation for Bitcoin(BTC) trading.”

Additionally, re-elected French President  Emmanuel Macron is one of the few Probitcoin Presidents in Europe. During an interview for a local media outlet,

talked about creating a European metaverse where cryptocurrencies would be regulated without affecting or slowing down their development.