MENLO PARK, Calif.— Global regulators expressing opposition to Facebook’s Libra initiative around a new cyber currency, and even members of its own Libra Association are having serious doubts of their own, a new report indicates.
Half of 140,000 analysts—users of blockchain analytics company Cindicator—have absolutely no intention of using Libra, reported Decrypt.co.
“Already, Congress has drafted a law, called the Keep Big Tech Out of Finance Act, aimed at stopping Libra dead in its tracks. So, given the global pressure against Facebook’s rival to the U.S. dollar, this new survey, showing that so many users are against it, makes the chances of Libra actually coming into being even slimmer,” Decrypt.co said.
Cindicator’s survey found that sentiment among its users, generally, followed suit—although a reasonable number of those surveyed said they would consider using it. While 45% said they were open to it, 49% said they would not use it.
Of those who plan to steer clear of Libra, 31% of them cite concerns over centralization, and 29% cite a lack of trust in Facebook. Further, 11% cite privacy as an issue in general.
“We see that trust is the biggest issue for Libra. I think Mark Zuckerberg will get flak from everybody, including regulators and investors,” Yuri Lobyntsev, Co-founder and CTO of Cindicator, stated.