Facebook's entry into the highly-stacked crypto marketplace has suffered a major backlash, including a growing distrust from people across the US.
Facebook's very own Libra digital money is already taking a beating of sorts, a Civic Science report bared. In its survey of 1,800 adult respondents in the United States, it found that a measly 5 percent are open to the possibility of using the new crypto.
Compared with bitcoin - widely considered as the most important piece of digital asset today - these US adults obviously have a lot of misgiving to the proverbial new kid on the block.
The upcoming stable coin draws interest from the 18 to 24 year-old age-range which compose most of the five percent. This age category likewise proved to be frequent users of the social media site.
Facebook's questionable reputation on protecting user privacy, such as with the Cambridge Analytica controversy, was clearly outlined in the Civic Science poll, with 78% stating they have doubts with the company with regards their personal data.
Not attractive
The survey also found that virtual currency has yet to appeal to a large number of people online or otherwise. Two-thirds of the respondents said they have never tried to invest and are not willing to, while 21% said they have no clear understanding of what cryptocurrency really is.
The other large age-category surveyed was those in the 25-30 range, of whom 19% showed interest. Only 7% of the 65-plus category showed any willingness to use Libra.
Civic Science bared that more study is required to get a full grasp of the increasing degree of mistrust on Facebook's latest offering. "Libra is not an investment, but intended to be a payment system."
"Similar to when Bitcoin first mysteriously surfaced 10 years ago and brought with it the cryptocurrency gold rush, no one really knows what to expect when some of the biggest corporations in the world collaborate to create their own version," the white paper reports.
While Libra is not duty-bound to a specific regulatory body or government control, as such being the nature of most crypto today, it is overseen by the Libra Association. Hence, it runs contrary to the criteria some require for crypto to function, Civic Science said.
According to New York data privacy agency Big ID, "Facebook will not get far with Libra if consumers are worried about their financial data being compromised or misused, and regulators don't trust Facebook to keep that data secure."
