Nearly Half of U.S. and UK Consumers Don’t Trust Facebook for Cryptocurrency

 

 

 

 

 

Since announcing its Project Libra cryptocurrency plans, Facebook has experienced a growing amount of resistance from policymakers around the globe. Recent data from messaging app Viber indicates that consumers may not be too excited about the prospect of a Facebook digital currency either, with 49% of respondents in the United States and UK reporting a lack of trust in the company’s planned cryptocurrency.

In fact, 49% of consumers in both countries indicated that they have zero trust in Facebook’s ability to keep their personal and financial information secure on the Libra service. In the UK, a mere 4% expressed trust in the company, and 25% remain undecided, according to an article in telecoms.com. That number was even worse in the U.S., where only 2.5% said they trusted the social media giant.

A similar theme emerged during last week’s hearings on Capitol Hill, when many of the nation’s representatives took turns expressing their lack of trust in Facebook. Many of those elected officials noted the company’s well-documented controversies involving consumer privacy, data protection, and political bias.

If the Viber numbers are an indication of current public sentiment, Facebook may be facing an uphill battle to regain the public trust it will need to give its cryptocurrency plans any chance for success.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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