Eurozone Merchants Still Shun Cryptocurrency Payments

A recent European Central Bank survey reveals that cryptocurrency adoption among European merchants remains extremely low. Only 0.2% of online businesses in the eurozone accept digital assets like Bitcoin or Ethereum, while in-store acceptance is under 1%. The findings show a stark contrast between consumer enthusiasm for crypto and practical commercial use.

The ECB's report surveyed over 8,200 companies across 21 eurozone countries, highlighting payment preferences. Cash and physical cards dominate in-store transactions, with acceptance rates of 92% and 88%, respectively. Cryptocurrencies lag far behind, even stablecoins like Tether failing to gain traction.

The survey's results echo previous research indicating that crypto is primarily used as an investment asset rather than a medium of exchange. High volatility, regulatory uncertainty, and low consumer demand are cited as barriers. For merchants, the costs of integrating crypto payment systems outweigh the benefits.