Central Bank of Azerbaijan Discusses Future Implementation of Blockchain Technology

Lately, banks throughout the world have begun experimenting with blockchain technology, given that it offers quicker transactions, lower costs, and reduced bureaucracy. Recent reports indicate that the Central Bank of Azerbaijan is exploring the potential associated with this technology.

Central Bank of Azerbaijan Holds Blockchain Meeting

Last week, top officials from the CBA held a meeting to discuss the potential of and future research into blockchain technology. The meeting was attended by the bank’s First Deputy Chairman, Switzerland’s State Secretariat for Economic Affairs, the Deputy Regional Director for the South Caucasus, and Swiss Trub Trading’s Chairman of the Board.

Reports indicate that the meeting focused on various topics, including the use of blockchain technology in foreign countries, and the integration of digital identification into the bank’s payment and information systems.

However, it is important to point out that the chairman of the CBA, Elman Rustamov, mentioned that the bank continues to have a conservative opinion on digital currencies:

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.

Regardless, the CBA is planning to implement blockchain technology in its banking and financial sectors in the near-term future. This means that the bank is likely to start beta-testing various blockchain-based systems shortly.

What are your thoughts on the Azerbaijan Central Bank considering blockchain technology for its inner operations and global implementations? Let us know your thoughts in the comment section below.