Azerbaijani analyst: Libra project has great chances

ICT Materials 1 November 2019 16:28 (UTC +04:00)

BAKU, Azerbaijan, Nov. 1

By Kamala Mammadli – Trend:

The chances for implementing Libra project are great, Huseyn Ibadov, Azerbaijani independent analyst of cryptocurrency market, told Trend.

“The social networks are actively engaged in the development of their cryptocurrencies and therefore, Facebook will pay attention to this sector of services,” the analyst said.

“This is not the first Facebook project related to payments,” Ibadov added.

"The Messenger Payments service, which allows users to send and receive money in the form of WeChat, was launched in 2015,” the analyst added. “But it has not become widespread."

“In case of the project implementation, the company will be able to provide its users with advertising and with an opportunity to make purchases directly in the application,” the analyst said. “It is important that a lot of valuable data will be accumulated in the process, which the company can then use for other purposes.

"All these facts are fundamental for the development of this cryptocurrency and its rapid appearance," the analyst added.

Ibadov also stressed that the Libra founding members may adjust the currency depending on the situation to maintain the stability of its nominal price: one libra - one dollar.

“That is, it will not be used to earn money on increasing the cost,” the analyst added.

The cryptocurrency is expected to appear in mid-2020 and will be available in Messenger and WhatsApp. The users will be able to purchase cryptocurrency directly from the Calibra wallet by connecting their bank accounts to it. Calibra was created as a separate subsidiary that will allow the users to buy, spend and store their Libra assets.


Follow the author on Twitter: @kamala_mammadli