Azerbaijan watching cryptocurrencies closely

Discussing the innovative technologies in Azerbaijan. Elman Rustamov, the chairman of the Central Bank of Azerbaijan clarified their attitude towards cryptocurrencies. He cited that the central bank will remain conservative regarding cryptocurrencies and for now does not recognize cryptocurrencies as a legitimate means of payment. Also the central bank intends to develop a legislative infrastructure before introducing the technology. Rustamov added: ‘’The Central Bank of Azerbaijan is looking for studying blockchain technology and its future use in the financial and banking sector and even in public services for the residents in future. Regarding this, we have already started negotiations with leading consulting companies. I think that at the first stage, we must create stable technological and legislative infrastructure, and then start introducing this technology.’’

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