Baku, Azerbaijan, Dec. 5
By Azad Hasanli – Trend:
The Baku Stock Exchange (BSE) is studying the possibility of using blockchain technology in its work, Chairman of the BSE Management Board Vuqar Namazov told Trend.
The technology is actively studied at foreign stock exchanges, and in some cases the blockchain technology is already being applied, he noted, adding that at this stage, the BSE conducts its research independently, without attracting foreign partners.
Namazov noted that the BSE has no plans for the near future to open trade in cryptocurrency, which is also based on the blockchain technology.
“First of all, the Azerbaijani government should make a strategic decision as to whether we will use cryptocurrency in Azerbaijan or not,” he added. “If a positive decision is taken, it will be necessary to form a legal basis and only then it will be possible to talk about organizing trade in cryptocurrency. In the absence of legislation, the cryptocurrency trade at the BSE would be considered a speculation, and the BSE doesn’t deal with such things.”
Earlier, Chairman of the country’s Central Bank (CBA) Elman Rustamov said that the position of Azerbaijan’s Central Bank (CBA) with regard to cryptocurrency remains conservative.
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.