BAKU, Azerbaijan, February 11. The digital manat is intended to be accessible to the general public, and in line with international practices, the implementation process will be carried out in stages, a source in the Central Bank of Azerbaijan (CBA) told Trend.
"Initially, the objectives and concept of the digital manat will be defined. Cooperation will be established with selected financial institutions and large companies for the implementation of the pilot project. A limited circulation and operational limit may be applied. The stability of the technical infrastructure and the effectiveness of security measures will be tested," said the source.
The insider highlighted the fact that the public will have access to the digital manat in the last stage.
"Physical and legal entities will be able to use the digital manat in their daily operations. To increase financial inclusion and promote a cashless economy, the full integration of the digital manat into payment systems will be implemented.
Prospects for its use in regional and international trade operations will be evaluated. All these processes will be carried out within a framework of close cooperation with financial market participants and in accordance with international regulatory standards," the source added.
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