PASHA Bank head: Use of blockchain technology in Azerbaijan depends on market readiness

Business Materials 1 February 2018 20:46 (UTC +04:00)

Baku, Azerbaijan, Feb. 1

By Anvar Mammadov – Trend:

The prospects for the use of blockchain technology in Azerbaijan depend on the market readiness for these processes, Taleh Kazimov, chief executive officer and chairman of PASHA Bank’s board, said in an interview with Trend.

"I am very positive about the blockchain technology, which, in my opinion, forms not only the future, but also the present, for example, in the countries with a developed financial market," he said. “As for the prospects of using this technology in Azerbaijan, it is necessary to focus on market readiness for these processes.”

“I mean the readiness of not only representatives of the banking sector but also the state in terms of developing regulatory requirements for technology and ensuring transparency, as well as the readiness of clients for using the blockchain technology,” he said.

He added that that PASHA Bank is ready to become one of the flagships of the transition to the blockchain technology if such an initiative is put forward.

"PASHA Bank is actively interested in this technology,” he said. “I am sure that the bank will become one of the flagships of the transformation of economic relations, when the transition to the blockchain technology will be initiated."

“I think that by developing the country's export potential, the use of this technology and the crypto currency issue will become more relevant, but attention should be paid to all these issues today," Kazimov said.

PASHA Bank has been operating in Azerbaijan since 2007.

PASHA Bank renders a range of corporate banking services, including issuance of loans, operations in the securities market, assets management, and treasury services.