CBA head comments on use cryptocurrency in Azerbaijan (UPDATE)
Details added (first version posted on 14:11)
Baku, Azerbaijan, Nov. 21
By Anvar Mammadov – Trend:
The position of Azerbaijan’s Central Bank (CBA) with regard to cryptocurrency remains conservative, said Chairman of the country’s Central Bank (CBA) Elman Rustamov.
He made the remarks Nov. 21 during discussions of the 2018 state budget at the Azerbaijani parliament.
He said that the CBA does not consider cryptocurrency as an alternative means of payment.
“We think that cryptocurrencies continue to be a dangerous instrument for investing,” added Rustamov.
Speaking about the blockchain technology, the CBA head noted that this is a very advanced technology that can lead to changes in many sectors, including the financial one.
“The Central Bank intends to help in studying this technology and its future use in the financial and banking sector of Azerbaijan, and in the future in public services for the population. For 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,” added Rustamov.