Central Bank governor: Our position on crypto-currency is conservative

Baku. 21 November. REPORT.AZ/ The Central Bank of Azerbaijan (CBA) is closely monitoring the problems of the crypto currency, the use of blocking technology and international regulatory experience in this field. The CBA holds a conservative position with respect to crypto-currencies. This is not a parallel financial monetary system, but a high-risk investment asset.

Report informs, the CBA Chairman Elman Rustamov said at today’s plenary session of Milli Majlis (Azerbaijani Parliament).

He noted that the blockchain is an advanced technology that in the next five years can change the financial system: "The CBA will help introduce blocking technology in the financial and banking sectors. We have already started negotiations with leading consulting companies. First of all, we need to create a legal basis for blockchain, and then move on to its technological implementation”.

CBA governor said that if there is no external shock, stability in the domestic currency market will be preserved: "Current balance of payments within the projected oil prices is balanced, it is able to balance the supply and demand in the currency market and ensure the stability of the manat”.

Meanwhile, it was noted that the measures on monetary development programs will be realized with the relevant authorities next year: "Restructuring of the banking sector should continue. Problems must be solved. Capitalization measures must continue”.