Eurozone Crypto Adoption Stalls as Cash Dominates Payment Methods
A recent European Central Bank (ECB) survey found that crypto adoption in Europe is lagging behind, with only 0.2% of companies accepting cryptocurrencies for online payments.
The survey, which included 8,205 companies across the euro area, revealed that cash remains the most widely accepted payment method, with a whopping 92% of businesses accepting it at physical points of sale.
This is despite the implementation of the Markets in Crypto Assets (MiCA) framework, which was meant to provide clarity and encourage adoption of digital assets.
Mark Aruliah, Elliptic's Head of EMEA Policy & Regulatory Affairs, stated that with MiCA in place, payment processors can confidently develop compliant crypto payment solutions tailored to the European market.