Germans give thumbs down to Facebook Libra project

73% of German consumers would not use Facebook's planned digital currency Libra, according to a poll conducted on behalf of Wirtschaftswoche magazine and Creditplus Bank.

Out of the 2,000 people surveyed, 42% said that this was because they did not trust Facebook as a company and 31% because they only have faith in state-controlled currencies.

Of those who were 55-plus, 85% said that it was impossible to do anything with the stablecoin. However, of those between 22 and 34 years, almost 42% would be open to using it.

Nein!

There has been a huge backlash against the Libra project, with US lawmakers expressing concerns about privacy and Facebook’s growing reach, and officials in Germany and France saying they would bar it from their countries.

The likes of PayPal and Mastercard have also recently dropped out of the Libra Association, which was set up to launch the digital currency.