Survey: Public not interested in Facebook’s cryptocurrency libra

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2019-07-03 09:42

Teodor Stig-Matz

teodor.matz@trijo.co

The thing scaring people away from Facebook's forthcoming cryptocurrency libra seems to be the social media giant's bad record on privacy.

Few crypto enthusiasts can have missed that Facebook next year will release their own cryptocurrency, libra. But the question is whether the public is particularly interested in the social media giant’s stablecoin.

A new survey by financial services firm Jeffries shows that four out of five Americans either consider it unlikely or very unlikely that they will use the Facebook cryptocurrency.

Don’t trust Facebook

The reason why people are hesitant seems to be Facebook’s poor reputation in privacy issues. 45 percent of those who say they will not use libra say that it is because they do not trust Facebook.

Another big problem seems to be that Facebook is late. 40 percent of the total of 600 respondents say that they already use an app for mobile payments, The Block reports.

Within the crypto world, libra has been met with both doubt and praise. But yesterday, two industry insiders said that they think Facebook’s cryptocurrency will be a success.

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