Baku, Azerbaijan, April 18
By Huseyn Valiyev – Trend:
There is no law restricting the cryptocurrency mining in Azerbaijan, Elnur Guliyev, director and founder of Crypto Consulting company, told Trend April 18.
"Due to the lack of legal regulation of this sector, there is no official organization in the country that would prohibit this activity," Guliyev said.
"It is possible to deal with cryptocurrency mining taking into account the technical conditions," he said. "As for the cryptocurrencies, despite their high popularity in the world, the public does not know much about them, let alone the fact that the population is not psychologically ready to use cashless payments."
"The development of cryptocurrencies in the country remains in question till the official legal assessment has not been assigned to the cryptocurrencies," he said. "It is necessary to form a legal basis to open the cryptoexchanges and exchange offices in Azerbaijan."
"A popular option for earning money on the country's crypto-currency market is the purchase and sale of cryptocurrencies," Guliyev added. "Rapid growth on the market was observed from May to December 2017."
"During this period, one could benefit by investing even $10 in any cryptocurrency," he said. "But this situation does not reoccur very often. The cheapest option is to buy Bitcoin and wait for the increase in its cost for resale. This option is still working, but it is hard to say how long it will last."
Touching upon the issues of legal regulation, Guliyev said that by the end of the year the working group, specializing in the cryptocurrency market and operating in the country, will likely to conduct its research and submit a report.