Azerbaijan does not recognize the cryptocurrency as means of payment

The head of the Central Bank of Azerbaijan (CBA) Elman Rustamov said the position of the authorities regarding cryptocurrency conservative – CBA does not recognize the cryptocurrency as a legitimate method of payment, but intends to develop the legislative infrastructure for the blockchain.

«The Central Bank intends to study the technology of the blockchain and how it is used in the financial-banking sector of Azerbaijan, as well as in public services for the population. To this end, we have already started negotiations with leading consulting companies. I believe that we first need to create a stable technological and legislative infrastructure, and then start the introduction of this technology,» – said Rustamov.

Previously Deputy head of the CBA Alim Guliyev said that the regulator will consider the introduction of the blockchain in the system of payments and verification of identification of citizens.

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