Germans aren’t too happy about Facebook’s Libra – research shows

BaFin crypto regulation

According to a German financial association, Bürgerbewegung Finanzwende, a large majority of the German population, around 2/3 are quite skeptical about Facebook’s Libra, while only 12% remain positive about the new project.

There were a little more than 2000 participants in the survey, almost all of whom had heard about Libra and had an opinion.

The Libra survey didn’t really yield too much good news for Facebook though, as more than half of the respondents said Facebook’s influence is already a problem, and that giving them more power is definitely not a good idea.

Central banks win the Libra survey

Around 60% of respondents, when asked about trusting large corporations or central banks more, responded positively on Central Banks, while just a small minority of 4% confessed their trust in companies like Apple and Facebook.

Regardless though, the Libra survey shows the state of mind that most German citizens are in, in regards to the new project. Considering the fact that cryptocurrencies are quite popular in Germany, Facebook is risking quite a large market by not complying with local guidelines.

The results of the survey have prompted Bürgerbewegung Finanzwende to request a complete halt on Libra’s development and a joint petition with Finance Watch.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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