Azerbaijan rejects the crypto-currencies as means of payment

The governor of the central Bank of Azerbaijan (BCA), Elman Rustamov, has qualified conservative to the position of the country regarding the digital currency, confirmed the local reports. Mr. Rustamov has stated that the BCA does not recognize the crypto-currencies as a means of payment is legitimate and that the bank had the intention to develop a regulatory framework before the introduction of this technology.

A topic discussed in the Azerbaijani Parliament

The governor of the central Bank has indicated that they believe that the virtual currency continue to be a risky investment. He discussed the crypto-currencies during a meeting with the Parliament of the country. Mr. Rustamov explained that the BCA will closely monitor the international trends in the field of crypto-currencies and regulation before developing a legal framework covering this technology.


He explained that the central Bank intends to consider this investment and its future use in the financial sector of Azerbaijan. For this, they have already begun negotiations with consulting firms. He added that it was important to first create a technological infrastructure and legislative stable. Once this step is completed, they will be able to introduce this technology.

The central Bank can develop the technology Blockchain

The head of the BCA, Alim Guliyev, has recently indicated that the central Bank could consider the adoption of the technology Blockchain for payment systems and the electronic verification of the identity of users, following a meeting with swiss experts.

Azerbaijan has joined a growing number of countries that have rejected the use of crypto-currencies as legal tender. Earlier this week, the indian minister of Finance, Arun Jaitley, said that India does not recognize these digital currencies as legal tender at the present time. Indonesia also opposed the legitimacy of crypto-currencies. Many governments have expressed a similar feeling, including China, Russia and Vietnam.

Source : NewsBitcoin