A majority of German Consumers Will Not Use Facebook’s Libra, Report Claimed

By Tracy Hannes | October 19, 2019

A significant number (75%) of surveyed German consumers claimed to not have any interest in using the upcoming Facebook-developed digital stablecoin Libra

Specifically, on October 17, a survey was conducted on 2000 Germany-based customers, with at least 16 years of age and up. Approximately 27 of the total sum reportedly would give Facebook’s Libra stablecoin a shot as their payment option. 

The survey was carried out on behalf of the Wirtschaftswoche – the business-related magazine – and Creditplus Bank AG. The majority of people asked – nearly 75% – entirely dismissed the possibility of the new Libra cryptocurrency.

42% is reportedly skeptical towards the idea of Facebook being a company, while 31% claimed to only want to use state-controlled currencies.

The dismiss rate ran higher for the 35-and-over group of people surveyed, compared to the younger generation. In the 55-and-over group, almost all believed there is no place for the Libra in real life. The groupage which falls between 22-34 is the most open to the introduction of the stablecoin. 

Germany is not a nation in which Facebook’s Libra can flourish. In September this year, German Finance Minister Olaf Scholz reportedly claimed that regulators will not approve of parallel currencies like Libra. 

Not long later, a new blockchain-based strategy was set up to stop the prospect of stablecoins turning into alternative currencies, bringing harm to the existing state sovereignty.

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