Azerbaijan Won’t Issue a State-Backed Cryptocurrency, Central Bank Reveals

Azerbaijan’s first Central Bank Chairman has put the brakes on speculation about a national cryptocurrency. He recently claimed cryptocurrencies are often used for money laundering purposes. According to local media, Alim Guliyev made the comments in remarks to reporters. He noted how the Central Bank of Azerbaijan (CBA) has no plans to issue a cryptocurrency since they take a very conservative stance on the topic.

Guliyev’s comments echo similar sentiments CBA officials reportedly have been showing over the last few months. Chairman Elman Rustamov noted in February that crypto investments were risky and dangerous.

Guliyev’s remarks came around the same time IMF leader Christine Lagarde said during a speech that “we should consider the possibility to issue digital currency” and encouraged central banks to look into use cases. Ironically, the global financial…