BAKU, Azerbaijan, Dec. 30
By Sadraddin Aghjayev - Trend:
Azerbaijan is interested in considering the experience of the Belarusian BITCASH to develop effective regulation of cryptocurrencies and crypto assets, the Head of the Department of Digital Transformation and Projects in the Cryptoindustry Viktor Bezrukov told Trend.
According to Bezrukov, Azerbaijan joined the BITCASH cryptocurrency project in early December.
"Today, the relevant department of our company is working on a solution that will facilitate simplified registration with new biometric passports of Azerbaijani citizens, where data on the place of registration is not indicated. However, there are already participants on our portal who have passed registration and are participants in the project," he said.
In addition, he noted that BITCASH has shown mutual interest in this cooperation and plans to take part in possible pilot financial projects of Azerbaijani payment systems.
“We would like to become one of the first companies that, in cooperation with established Azerbaijani organizations with a traditional financial system, implement our innovations, meaning banks, payment systems and other fintech projects. Payment systems have a fairly large portfolio of clients and integrations with banks and other representatives of financial systems. The main interests here are in the implementation of innovative solutions for payment systems, earnings by participating in profits from joint activities. We, in turn, get quick access to many players in the financial system of Azerbaijan," Bezrukov said.
He emphasized that in the future it is planned to implement such projects as issuing a loan secured by a crypto asset, a personal financial assistant, and expanding access to the BITCASH application for cryptocurrencies.
In addition, the BITCASH company offers Azerbaijan a legal service for the purchase, sale and storage of cryptocurrency.
“Our mobile application BITCASH takes an approach to storing cryptocurrency in a format where control over the asset remains with the user. This application provides for the issuance of a crypto card, as well as the function of providing a crypto asset as collateral for a loan in traditional money. This product is fully validated by the Belarusian regulator and is based on world requirements," he said.
Bezrukov noted that the company is already cooperating in this direction with VISA and plans to establish cooperation with MasterCard, the Russian Mir, as well as with Azerbaijani payment systems in the near future.
"We are also planning to implement a biometric backup (restore) function to prevent access to the account. Today, about 20 percent of all bitcoins in the world are lost and will never come into circulation again," he added.
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