Little faith in Facebook currency

The Australian: Little faith in Facebook currency

Originally published: The Australian, 07 October 2019

Facebook’s cryptocurrency play, Libra, is yet to win over the Australian public, with research conducted by ASX-listed Pureprofile highlighting a significant trust-deficit when it comes to the social networking company handling their money.

The research, conducted in July 2019, shows 76 per cent of respondents still putting their trust in traditional financial institutions instead of Facebook. Meanwhile, 64 per cent said they would not share their financial information with Facebook.

Libra, which is set to launch in 2020, is designed to be stored by consumers in a digital wallet that will be accessible through Messenger, WhatsApp, and an app called Calibra. The social media giant is targeting the 1.7 billion people around the world without bank accounts.

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