Azerbaijan rejected Crypto as means of Payment

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The chairman of Azerbaijan’s Central Bank (CBA), Elman Rustamov stated that CBA will monitor international trends in cryptocurrency and blockchain regulation before developing a regulatory framework for various distributed ledger technologies.

The central bank chairman described that they think cryptocurrencies continue to be a dangerous instrument for trading. explaining the CBA’s position of crypto as the traditionalist.

Mr. Rustamov described:

“The Central Bank intends to help in studying this technology and its future use in the financial and banking sector of Azerbaijan, and in the future in public services for the population. For this, we have already started negotiations with leading consulting companies. I think that at the first stage, we must create stable technological and legislative infrastructure, and then start introducing this technology.”

The Central Bank of Azerbaijan can also develop Blockchain Technology.

Alim Guliyev, the CBA’s first deputy chairman, recently said in a meeting with the Swiss officials at the end of the November that, the central bank can possibly explore the adoption of the blockchain technology for the payment system and for the electronic identity verification.

Azerbaijan is also one of the growing countries around the world, which has rejected recognizing the cryptocurrency as legal for the payment system. In the beginning of this month, Indian Finance Minister Arun Jaitley described:  “The government’s position is clear, we don’t recognize this as legal currency as of now.” Indonesia has also started moving against the cryptocurrencies, as the country’s central bank thought of banning the regulations by 2018. Several authorities around the world have expressed their reviews against the cryptocurrencies including the governments of China, Russia, and Vietnam.