According to a recent report on telecoms.com technology and market-focused news platform, we could see that almost half of Americans and Brits put together did not trust Facebook in respect to its long-awaited stable coin Libra. It could be seen that this subject matter in recent times has attracted a lot of attention from the Financial world as well as the cryptocurrency enthusiast
What threats this distrust poses for the Libra project
According to a survey carried out by instant messaging app Viber, 49% of users in the United States and the United Kingdom wouldn’t trust the social media giants on issues regarding its digital currency. This might lead us to wonder if this could lead to a negative impact and ultimately kill the potential of cryptocurrencies through association.
There have been two major areas of concern as regards Facebook’s drive towards cryptocurrencies, with the first being that it has lead to an increased level of curiosity amongst members of the general public, most of which must have been oblivious to this knowledge before now, in the UK alone 28% were undecided as they were not sure whether or not to trust Facebook while just 4% of users said they would trust them. Surprisingly the same survey in the US led to similar results as only 2.5% said they would trust Facebook.
Criticism on Libra and how it would affect cryptocurrencies generally
It is agreeable that Libra has been a topic of major concern around the globe not just amongst cryptocurrency enthusiasts but also amongst lawmakers since the announcement. Regardless of the fact that Facebook has assured it’s users of strong protection of their privacy and funds, experts, lawmakers and cryptocurrency enthusiasts have expressed a lot of doubts to this.
It is noteworthy to state that last week, G7 finance ministers, had warned that if not properly regulated that cryptocurrencies such as Libra stand a chance of upsetting the world financial system. And although most cryptocurrency enthusiasts would disagree that Libra is an actual cryptocurrency the world happens to see it so.
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