BAKU, Azerbaijan, October 19. Central Bank of Azerbaijan (CBA) carries out work on the development of digital manat [country’s national currency] in cooperation with international think tanks, financial organizations, and banks, Executive Director of CBA Farid Osmanov told Trend.
According to him, the CBA monitors the role of digital currency in monetary policy and monetary transmission.
"Central Bank works with International Monetary Fund. Step-by-step work is underway to form the concept of this currency. CBA is also conducting research to assess possible risks. I want to emphasize that these processes require a long period of time. Despite this, CBA continues cooperating and studying international experience and global concepts of digital currency," Osmanov said.
He noted the high volatility of cryptocurrencies, speaking on this topic.
"Their value, depending on market conditions, changes dramatically. Central Bank considers this currency risky from the point of view of ensuring the safety of consumer rights. Therefore, the CBA will continue to work on developing the concept of a digital currency," he added.