Is Libra Trustworthy? Almost Half Of Americans And Brits Think Not Per Viber Survey
- A new study from Viber shows that many UK-based and US-based consumers don’t trust Libra to remain private.
- Speakers at the G7 recommend strong regulations to prevent disruption to the current financial system.
Countries around the world took note of the release of the Libra whitepaper, deciding how they are going to integrate it into their regulatory atmosphere. However, regardless of how the countries handle the launch next year, the cryptocurrency is worth nothing without the trust of the public. Considering the challenges that Facebook has had in demonstrating secure privacy on their own platform, is it even surprising that 49% of Brits and Americans don’t trust Libra?
According to Telecoms.com, a survey from Viber indicated that this 49% group stated that they have no intention of trusting Facebook with a digital currency. The survey specifically asked if the respondents believed that their private information would remain secure.
In this survey, some of the UK participants (28%) had yet to decide if they would be trusting the project, while a small group (4%) confirmed with certainty that they would trust Facebook. In the United States, the survey yielded similar results, but an even smaller fraction of the participants (2.5%) agreed that they would ultimately trust Facebook.
Much of the focus appears to be on two main concerns, according to Telecoms.com. The first issue is that the public will seek to find out exactly what cryptocurrency does and what it is, which could threaten the current currencies and economic state. However, once consumers understand what it is, the question arises – should a social media platform that has been plagued with concerns over privacy be trusted to run its own cryptocurrency?
Jurisdictions around the world have concerns about the Libra stablecoin, and the financial world has already given this topic a substantial amount of attention. Facebook states that the Calibra wallet associated with Libra
“will have strong protection in place to keep your money and your information safe.”
However, there is still plenty of doubt in the industry.
Rep. Maxine Waters, the Committee chairwoman, released a statement on Libra, speaking to the lack of uniform regulation that still is a problem in the cryptocurrency market. Waters urged regulators to see the Libra plans as an initiative to
“get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.”
The G7 finance ministers spoke last week about the risk that the world’s financial system faces with cryptocurrencies like Libra, in the event that proper regulation is not established. Bruno Le Maire, the finance minister of France, stated that the G7
“cannot accept private companies issuing their own currencies without democratic control.”