RATE Group | Central Bank of Azerbaijan Rules Out Issuing Cryptocurrency
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Central Bank of Azerbaijan Rules Out Issuing Cryptocurrency

16 Nov Central Bank of Azerbaijan Rules Out Issuing Cryptocurrency

Posted at 10:12h in Cryptocurrency News by

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Azerbaijan cryptocurrency



The Central Bank of Azerbaijan (CBA) has indicated that it does not intend to issue a state-backed cryptocurrency, also known as a central bank digital currency (CBDC).

Speaking to reporters in Baku on November 15, CBA first Chairman Alim Guliyev stated that the Bank treats cryptocurrencies conservatively, based on a belief that the use of digital currencies and similar financial instruments “comes with great risks”.

According to Guliyev, cryptocurrencies are often used for money laundering, which is a major reason why the CBA does not intend to launch a CBDC anytime soon. This comes some months after CBA Chairman Elman Rustamov issued a warning to the Azerbaijani population at large, urging them to exercise caution in dealing with “risky and dangerous” cryptocurrencies.

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