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The journey of Facebook and its Libra stablecoin has continued to be rocky at best, with restrictions from lawmakers and internal fractures threatening the launch of the asset. However, it would seem that in certain parts of the world, even the consumers themselves might not be looking forward to the arrival of the asset at all.
On October 17, news medium Cointelegraph auf Deutsch reported the results of a survey that revealed that about three-quarters of German consumers would reject the use of Libra even if it did get launched in the country.
The survey in question was conducted by Stuttgart-based consumer services bank Creditplus Bank AG and local news medium Wirtschaftswoche Business News Magazine. The organizers reportedly got responses from 2,000 German citizens aged over 16, and it showed that only 27 percent of respondents will ever consider using the Libra stablecoin as a means of payment, whether at home or abroad.
Per the report, 73 percent of respondents won’t be open to using Libra as a digital currency. Of that 73 percent, a further 42 percent will not be using the asset because they don’t trust Facebook as a company, while 31 percent won’t be using the asset because they don’t trust state-controlled currencies.
The report also showed that the rejection of Libra by Germans over the age of 35 is significantly higher than the rejection amongst younger consumers. Eighty-five percent of Germans over age 55 also said that they wouldn’t be able to do anything with Libra. However, the most support for the asset is coming from the age group between 22 and 34 years. Amongst these people, about 42 percent reported that they would be open to using the stablecoin.
Facebook is persona non grata in Germany
As reported earlier, the distrust for Libra in Germany isn’t just amongst consumers. On September 13, German weekly news magazine Spiegel reported that Thomas Heilmann, a parliamentarian for the Christian Democratic Union (DCU) who is responsible for the Union’s upcoming blockchain policy in Bavaria, claimed that the government would deny projects such as Libra.
Heimann claimed that a grand coalition has agreed not to allow “market-relevant private stablecoins” into the country, adding that “Up to now, the economy has done a great job in countering crises and inflation with measures taken by central banks. Once a digital currency provider dominates the market, it will be quite difficult for competitors.”
On September 17, news medium Reuters also reported that German Vice-Chancellor and Finance Minister Olaf Scholz stated that parallel currencies, including and especially Libra, won’t be accepted by German policymakers.
Facebook can’t escape its privacy issues
To the surprise of no one, Facebook and its past have managed to hamstring the company again when it comes to the prospect of Libra seeing the light of day. The new survey showed that 30.6 percent of the respondents don’t trust Facebook over privacy issues, and this distrust has spilled over to Libra.
In an ideal world, Facebook would have shown more respect for consumers and their privacy, and 57.6 percent of Germans would have shown approval for Libra. Perhaps this would have helped the prospects of the asset in Germany.