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Research: 49% of British and American Citizens Do Not Trust Facebook’s Cryptocurrency

By Yana Berman

Recent research by messaging app Viber reveals that many American and British customers show no trust to Facebook's recently announced cryptocurrency Libra. The results of the survey were published by on Tuesday, July 23.

According to the poll, in the United Kingdom, 49% of the respondents do not consider new digital currency secure and trustworthy due to privacy concerns related to Facebook. Only 4% of the participants noticed they would rely on Facebook, and 28% confessed they have not decided on it yet.

As for the United States, 49% of respondents would refrain from using Libra, while only 2.5% claimed they would trust the social media giant.

Facebook revealed its long-awaited cryptocurrency Libra in mid-June. The blockchain ecosystem for Libra will be deployed in the beginning of 2020. Moreover, the company is going to launch its own crypto wallet Calibra.

The Libra blockchain will be operated by nodes represented by 27 major companies, such as Visa, Uber, MasterCard, eBay, PayPal, and others. According to TechCrunch, each of these firms invested at least $10 million in the project.

Facebook’s announcement has already attracted the attention of the U.S. authorities and an intergovernmental anti-money-laundering organization, Financial Action Task Force (FATF). While FATF is seeking to tighten crypto rules and enforce control over crypto transactions, U.S. authorities introduced a bill that aims to bar major tech companies from acting as financial institutions.

Research: 49% of British and American Citizens Do Not Trust Facebook’s Cryptocurrency
Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.
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