Americans and Brits don’t trust Libra

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According to research from technology and market-focused news platform Telecoms.com published on 22nd July, almost half of Americans and Brits would not trust Facebook with regards to its stablecoin Libra.

Cointelegraph reports that the research was carried out on the instant messaging app Viber across users in the UK and the USA. Some 49% said they would not put trust in the social media giant when it comes to its own digital currency. Moreover, those respondents specified that they would not trust Facebook at all in regards to keeping their private information secure when using Libra.

Amongst UK users surveyed, only 4% said they would trust Facebook and 28% were in the “don’t know” camp. The survey in the US led to similar results, although only 2.5% of the respondents stated that they would trust Facebook.

As we have seen, Libra has instigated a lot of discussions worldwide and generated a lot of attention in the financial world. As Cointelegraph says, “Although Facebook claims that Libra’s associated digital wallet Calibra “will have strong protection in place to keep your money and your information safe,” experts and policy makers have expressed doubts about users’ data privacy and security.”

Last week at the Congessional hearings, Rep. Maxine Waters said that regulators should view Facebook’s plans for Libra “as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.”

And G7 finance ministers claimed that Libra posed the risk of upsetting the world’s financial system if they are not regulated tightly. French finance minister Bruno Le Maire stated that the G7 “cannot accept private companies issuing their own currencies without democratic control.”

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