Opinion on a digital currency in Italy 2019

Does the world need a digital currency? Apparently, Italians think it doesn’t. According to the results of a survey conducted by YouGov Italia, only 29 percent of Italians said that they are in favor of the implementation of such a currency. On the other hand, Italian respondents seemed to be more accommodating towards the idea of a global currency. The share of people in favor of such a currency reached 41 percent.

What about Libra?

The survey mentioned above was conducted following the presentation of Libra, Facebook's cryptocurrency. Respondents were also asked what they think about Facebook’s initiative. Italians respondents were quite reluctant towards Facebook’s cryptocurrency, as only 16 percent of them said that they would use Libra. When asked to decide what products they would use it for, respondents picked mainly clothing, services (cinema, gym subscription, etc.), and digital content.

Italians are wary of new financial products

New financial products and service struggle to gain a foothold in Italy. Most Italians are reluctant towards what they see as obscure and risky. This might be caused by a widespread low level of financial literacy, which becomes even more pervasive when talking about the latest innovations in the financial sector (e.g. cryptocurrencies).