Facebook may not receive the warm welcome initially expected: survey report

A fresh survey report claims that Facebook’s stablecoin Libra is not expected to be broadly recognized by the public as it was initially expected given the huge over one and a half billion (1.7B) users’ base the social media giant is already tapping.

The unveiling of Libra and its parallel whitepaper has pushed controllers everywhere especially those in USA and European Union requesting Facebook to hold back developments, until regulators complete investigating the impacts of the Libra.

The study posed the questions to around 600 people and found that 4 out of 5 persons were doubtful or very doubtful to purchase virtual currency.

This is due to the apprehensions rising of Facebook’s ill-reputed history with confidentiality and customer data. Additionally, the study defendants recommended that forty-five (45%) of the subjects had no faith in Facebook. The subjects added that they even now had a mobile payment wallet supported by virtual currencies. Therefore, they did not need Libra.

The report further stated that without considerable network effects Libra cannot effectively swap current cashless payment systems in the near future.

The report further reveals that the users attracted to Libra were divided into two factions i.e. twelve percent (12%) wanted to use it for goods/services, fourteen percent (14%) wanted to use it for sending funds while fifteen percent (15%) agreed on both.

According to one of the Co-founders at Tech Crunch’s Michael Arrington’s latest tweet, Libra’s authorization has raised critical questions about its devolution he said:

As far as I can tell none of the Libra partners have signed anything beyond a LOI and none have paid the $10m. Will be interesting to see how this plays out as governments sharpen their knives.

— Michael Arrington 🏴‍☠️ (@arrington) July 2, 2019