Blockchain’s Potential Studied By Central Bank of Azerbaijan

Blockchain, FinTech, News | November 27, 2017 By:

The Central Bank of Azerbaijan (CBA) First Deputy Chairman Alim Guliyev said the organization is studying the possibility of using blockchain technology.

Guliyev discussed the possibilities of using the technology in a meeting with the State Secretariat for Economic Affairs of Switzerland (SECO) and Deputy Regional Director for South Caucasus Simone Haeberli and Chairman of the Board of the Swiss Trub Trading, Christoph Willi Franzen.

The plan is to study the use of blockchain in foreign countries and the potential of integrating systems of digital identification into information and payment systems. The bank will also examine the blockchain experience of some countries such as Georgia and Estonia.

Earlier this month, CBA chairman Elman Rustamov stated that the central has already launched negotiations with leading consulting companies and will implement blockchain technology in the financial and banking sectors.