Around 75% Of German Consumers Would Reject Libra: Survey

A new poll is in the Libra coin news for showing astonishing results about the coin’s potential use in Germany. As the stats show, around 75% of the German consumers would not use the Facebook’s planned cryptocurrency stablecoin Libra.

In October, reports showed that 2,000 Germans aged 16 and over were surveyed – showing that only 27% of the respondents would ever consider using the social network and its stablecoin as a means of payment at home or abroad.

Conducted on behalf of the Wirtschaftswoche business news magazine and Creditplus Bank AG, the poll showed that around 75% – or 73% to be precise – are people who reject the idea of Libra as a digital currency. The survey went in more detail and investigated the reasons for this, too, showing that 42% will ditch the coin because they do not trust Facebook as a company, while 31% of them are uncertain because they only have trust in state-controlled currencies.

This is another major roadblock for Libra in Germany. We can see that the rate of rejection for the stablecoin is significantly higher for people aged 35 and over compared to their younger consumers. Of the people who were 55 years and older, even 85% said that it is impossible to do anything with the digital currency that Facebook is issuing. On the positive side, Libra is finding its biggest support in the younger group – people between 22 and 34 years – where around 42% of the consumers would be open to using the stablecoin.

All of this shows that Germany is not the biggest fan of the Facebook Libra coin. As seen in September, the German finance minister Olaf Scholz stated that policymakers cannot accept parallel currencies such as Facebook and its Libra stablecoin. The statement quickly followed the news that the German government approved a blockchain strategy that will prevent stablecoins from becoming alternative currencies and threatening the state sovereignty.

Meanwhile, Libra got support by the Untied States Senator Mike Rounds recently. As the cryptocurrency news today show, Rounds wrote to Nathan McCauley who is the president of the crypto custodian company Anchorage Trust – expressing his concerns that other parts of the world are “dwarfing” the US in terms of innovative payment technologies.

“It is profoundly disappointing that my colleagues chose to address your peers in such an ominous tone, which I fear may put a chill on innovation in the long run,” Rounds wrote in the letter to McCauley.