RATE Group | Central Bank of Azerbaijan won’t be offering its own cryptocurrency, says chairman Alim …
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Central Bank of Azerbaijan won’t be offering its own cryptocurrency, says chairman Alim …

17 Nov Central Bank of Azerbaijan won’t be offering its own cryptocurrency, says chairman Alim …

Posted at 08:35h in Cryptocurrency News by

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Bad news for Azerbaijani crypto-enthusiasts…

Alim Guliyev, first Chairman of The Central Bank of Azerbaijan (CBA), announced in a recent statement that the national bank has no plan to implement its own digital currency.

In a statement given in Baku on Thursday, Guliyev stated the bank’s conservative attitude toward banking, stating its apprehension toward the “great risks” that come with dealing in cryptocurrency [Source: The CC Press]

Guliyev also expressed an apprehension toward the anonymity provided by blockchain technology, which has been known to be exploited for fraud and money laundering.

Naturally, local users have been advised by CBA chair Elma Rustamov to remain vigilant when using cryptocurrencies.

Other associations don’t quite share the same view, however. Speaking at the Singapore Fintech Festival, IMF chair Christine Lagarde encouraged the bank to consider the benefits of issuing a dedicated cryptocurrency – particularly their high security…

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