Home Finance One in ten euro zone households owns crypto-assets -ECB survey

One in ten euro zone households owns crypto-assets -ECB survey

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A illustration of digital forex Bitcoin and small toy figures are positioned on laptop motherboard on this illustration taken January 7, 2021. REUTERS/Dado Ruvic/File Photograph

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FRANKFURT, Could 24 (Reuters) – One in ten euro zone households have purchased crypto-assets similar to bitcoin, with the wealthy solely barely extra prone to personal some than the poor, a European Central Financial institution research confirmed on Tuesday.

With the “crypto” market in turmoil, authorities try to gauge whether or not gyrations on this comparatively new nook of the monetary system may burn a gap in family budgets.

The ECB’s Shopper Expectation Survey discovered that a median of 10% of the households within the six international locations the place the ballot is performed personal crypto-assets, with the proportion starting from 6% in France to 14% within the Netherlands.

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Round 37% of respondents reported proudly owning as much as 999 euros ($1,065) value of crypto, with 29% holding between 1,000 euros and 4,999 euros and 13% between 5,000 euros and 9,999 euros. The stability had invested greater than that.

In all international locations, the richest 20% of respondents was most definitely to personal crypto currencies however a higher proportion of lower-income households reported proudly owning digital cash than these within the center floor.

“On common, younger grownup males and extremely educated respondents had been extra prone to put money into crypto-assets within the international locations surveyed,” the ECB mentioned. “With regard to monetary literacy, respondents who scored both on the prime stage or the underside stage by way of monetary literacy scores had been extremely prone to maintain crypto-assets.”

Repeating its longstanding line, the ECB mentioned these belongings had been unsuitable for many retail buyers and urged European Union authorities to approve new guidelines on crypto belongings “as a matter of urgency.”

The information, launched for the primary time on Tuesday, was cited in an article printed as a part of the ECB’s Monetary Stability Evaluation.

Launched in 2020, the ECB’s Shopper Expectations Survey is carried out month-to-month in Belgium, France, Germany, Italy, the Netherlands and Spain. It’s nonetheless in pilot mode and outcomes usually are not printed in full by the ECB.

($1 = 0.9376 euro)

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Reporting by Francesco Canepa in Frankfurt
Enhancing by Matthew Lewis

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