Azerbaijan may start accepting Bitcoin payments

Business Materials 24 November 2015 17:57 (UTC +04:00)

Baku, Azerbaijan, Nov. 24

By Huseyn Veliyev - Trend:

Azerbaijan's financial market is ready to recognize Bitcoin digital currency as a form of payment, if the country's Central Bank gives its approval.

Bitcoin is a form of digital currency, created and held electronically. Bitcoins aren't printed, but produced by people, and increasingly businesses, running computers all around the world, using specific software.

A source in the country's financial market told Trend that many financial regulators are skeptical about Bitcoin, as it is hard to accurately describe the use of Bitcoin in the country.

"It is therefore difficult to say yet what steps will be taken by the Central Bank of Azerbaijan on this matter," said the source. "Aside from that, Azerbaijan needs to examine the European legislation regarding the work with bitcoins."

Recently, Coinbase, a bitcoin wallet and exchange company headquartered in San Francisco, announced the release of a Bitcoin debit card for the US market.

The card can be ordered by residents of 24 US states. The card supports international payment system Visa, so it can be used to pay wherever these cards are accepted.

Bitcoins are being accepted by more and more big players, such as online shops and payment systems.

Among them are PayPal, Amazon, and others.

Edited by SI


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