Azerbaijan Central Bank applies conservative attitude towards bitcoin

16:22 - 21 November 2017

November 21, Fineko/ The Central Bank of Azerbaijan (CBA) follows a conservative position in respect to cryptocurrencies.

During parliamentary discussions on the Draft Budget 2018, CBA chairman Elman Rustamov has stated that the Bank keeps a wary eye on the issues of crypto-currencies and the use of blockchain technology.

"The Central Bank of Azerbaijan has a conservative position regarding cryptocurrencies. Cryptocurrency is not a parallel financial monetary system, but a high-risk investment asset," Rustamov said.

He pointed out that the blockchain is an advanced technology that may change the financial system in the next five years. The CBA will implement blockchain technology in the financial and banking sectors. The Bank has already launched negotiations with leading consulting companies.