Creditplus Bank AG Report: Three of Four German Citizens Do Not Approve Libra Coin’s Launch
Facebook-backed cryptocurrency, Libra, rejected by most German citizens according to a recent survey on people over the age of 16.
The percentage of “no-Libra” choice non-surprisingly increases with age as the older population still try to get their heads around decentralized technologies.
Over 73% of Germans won’t use Libra
According to a report released by Toluna, a market research institute, for WirtschaftsWoche and Creditplus Bank AG, on over 2000 German citizens aged 16 and over, Libra remains unpopular in the country – only 27% of the population claim they would use the stable coin for transactions, both locally and cross border.
In the comprehensive report, 42% of the respondents claimed they would not use Libra due to Facebook’s privacy issues. Furthermore, 31% of the respondents have faith in their state controlled currencies and would not switch to the stable coin.
Younger generations more open to Libra
As expected, the percentage of respondents rejecting adoption and use of Libra aged 35 and above is significantly higher than the younger population. Over 85% of Germans in the higher age groups (over 35) claim they would not use the cryptocurrency with 42% of respondents between the age 22-35 accepting the token.
In a test carried out on young Americans by Cint, a markets research firm, close to 70% of respondents in the survey are against cryptocurrencies in general. Almost 53% of the respondents do not want anything to do with the cryptocurrency mostly due to regulatory struggles and privacy control issues in the industry.
Regulators against Libra launch
Despite its homely welcome in neutral Switzerland, Libra is under fire across the European Union (EU) – Germany’s finance minister, Olaf Scholz is leading the pack. In an interview earlier in the month, Olaf urged the EU to regulate Libra and work towards launching their own stable coins or else they would lag behind other powerful states building their own digital assets.