Facebook has enormous expectations from its highly anticipated crypto project Libra, which was unveiled on June 18. However, the world has seen more critics than supporters of the project. With regulators across the globe criticizing Facebook’s dream project, the road seems quite difficult ahead.
If that wasn’t enough, the situation has even worsened after the latest survey report on Libra by Viber, which indicates that less than 3% of people are willing to use the stablecoin project. The reason for this is what has haunted Facebook since the Cambridge Analytica debacle, and that’s the lack of trust in the company’s privacy policy.
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As per the survey report, about 49.4% of the respondents to the survey said they would never trust Facebook, while 31.6% said they don’t know whether they would trust it. About 13.9% of people said that they would never use Libra for making payments, and only about 2.5% said that they will use the stablecoin project. This shows that if Libra were to be launched today, it wouldn’t be an instant hit, and future success would also remain doubtful.
Facebook has been taking serious efforts to build trust for the project, as it is very well aware of the lack of trust among users. Therefore, in its white paper, Facebook has mentioned about 28 founding members of the crypto project, which includes big names like Uber, MasterCard, Vodafone, PayPal, VISA, etc. It also stated that the Libra Foundation, and not Facebook, will be responsible for the project’s operations and management.
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However, all the efforts to bring giants on-board and make clear that it cannot control the project; it has still failed to garner trust from the audience. Facebook has been involved in some of the worst privacy-related breaches, which were exposed by activists after years of struggle. Though the company has revised its privacy policies and made the platform more transparent, (at least on paper), common users, especially in the US, don’t seem to accept it.
