BAKU, Azerbaijan, July 26. The Central Bank of Azerbaijan (CBA) has all the resources and opportunities to introduce digital manat, the CBA Governor Taleh Kazimov said during a press conference, Trend reports.
According to him, the СBA is primarily aimed at modernizing and optimizing the national payment system.
Speaking about why the digital manat has not yet been introduced, Kazimov noted that studies on the impact of digital currency on financial stability and monetary policy haven't yet been completed.
“Of course, digital currency has certain risks that can affect the economy, including the need for a large amount of electronic resources," he said.
The official also noted that despite having all the resources and opportunities to introduce a digital manat, the CBA is focused on modernizing and optimizing the national payment system, and only then it will start introducing innovations.
Kazimov also emphasized that the CBA welcomes digital currency as a technology.
"Today we monitor trends in this field, study experience of other countries and leading organizations. When the Board of the Central Bank deems it necessary to introduce a digital manat, then we'll tackle this process," he added.
The CBA, in cooperation with international think tanks, financial organizations and banks, is working on the development of a national digital currency. The CBA is actively monitoring the role of digital currency in monetary policy and transmission.
In the field of digital manat development, the CBA is working with the International Monetary Fund. Step-by-step work is underway to form the concept of this currency, as well as research to assess possible risks.