Only a quarter of German consumers would be willing to use Libra, a survey reveals

Only a quarter of German consumers would be willing to use Libra, the Facebook cryptocurrency.

Only 27% plan to use Libra

According to a survey conducted by the Wirtschaftswoche business magazine and Creditplus Bank AG, only 27% of German citizens aged 16 and over plan to use the Facebook stablecoin to make payments, both at home and abroad.

The remaining 73% is not interested in Libra: 42% because they do not trust Facebook as a company, while 31% trust only in currencies controlled by the State.

Libra's refusal in the age group above 35 years is significantly higher than for younger consumers. The new Facebook project, on the other hand, finds most of its supporters in the age group between 22 and 34, where almost 42% of those interviewed said they were willing to use the stablecoin.

Germany will oppose Libra

Last month, German Finance Minister Olaf Scholz said the government wants to strengthen Germany's role as an important technology center, promoting the development of blockchain innovation. However, the country remains cautious about the prospect of digital currencies distributed through the private sector:

"We must protect consumers and state sovereignty. A fundamental element of state sovereignty is the distribution of currency, we will not let private companies take care of this task."

France 'cannot tolerate products like Libra

Recently, Bruno Le Maire, French Economy Minister, also lashed out against Libra, claiming he could not tolerate its existence:

"I cannot tolerate that one of the most powerful instruments of a sovereign state, its monetary policy, falls within the competence of entities not subject to democratic control. (…) France's position is clear: we want financial innovation to respect state sovereignty: neither political nor monetary sovereignty can be shared with private interests. "