The Central Bank of Azerbaijan Studies and Analyzes the Potential of the Blockchain Technology.
The Central Bank of Azerbaijan (CBA) is exploring the potential of the use of blockchain technology.
The Central Bank recently held a meeting on the possibilities of this innovative technology. Attending the meeting the first deputy chairman of the CBA Alim Guliyev with State Secretariat for Economic Affairs of Switzerland (SECO) for the South Caucasus, Simone Haeberli, and chairman of the Board of the Swiss Trub Trading, Christoph Willi Franzen.
The meeting focused particularly on the use of blockchain technology in foreign countries and the potential of integrating digital identification systems into information and payment systems.
More recently, CBA president Elman Rustamov said CBA is cautiously monitoring cryptocurrencies and blockchain technology. The Central Bank plans to implement blockchain technology in the financial and banking sectors, but maintains a “conservative” position in cryptocurrencies.
“The Central Bank of Azerbaijan has a conservative position with respect to cryptocurrencies. Cryptocurrency is not a parallel financial monetary system, but a high-risk investment asset” Rustamov said,
The bank will also examine the blockchain experience of some countries such as Georgia and Estonia.
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