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Central Bank to become pioneer in blockchain use in Azerbaijan

ICT Materials 29 June 2018 21:31 (UTC +04:00)

Baku, Azerbaijan, June 29

By Huseyn Veliyev - Trend:

The Central Bank of Azerbaijan will become a pioneer in the application of blockchain technology in the financial sector, the founder of Crypto Consulting Elnur Guliyev told Trend June 29.

Guliyev noted that the process of early application of this technology in the country is being slowed down yet due to the lack of legal regulations.

"There is no legislation in Azerbaijan that would allow carrying out the practical application of blockchain technology. Banks cannot implement it independently. The Central Bank of the country announced a tender for creation of a digital identification system based on blockchain technology a few months ago. Taking into account the requirements imposed on those who wish to take part in the tender, we can say most likely foreign companies will take part in it," Guliyev said.

One of the requirements of the Central Bank is that tender participants should have sufficient experience in implementing blockchain technology.

"Most likely, the Central Bank will become a pioneer in the application of blockchain technology, and other institutions will follow it," Guliyev said.

As for the issue of legal regulation of the cryptocurrency market, Guliyev said the Ministry of Taxes is already working to put this sphere under taxation.

"Now the task of the ministry is to adopt regulatory documents as soon as possible, because otherwise it will be difficult to prevent anything in the future. Russia, for example, has adopted a law on digital assets, but even there this document is considered as not sufficiently elaborated, and it will be improved. Azerbaijan is still waiting for what happens in Russia and will create its own laws on the basis of the existing Russian legislation," Guliyev said.

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Follow the author on Twitter: @h_veliyev

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