Azerbaijan: Central Bank Doesn’t Intend to Issue Its Own Cryptocurrency

Central bank issued digital currencies are ldquo;reckless and insecure,” based on the first Chairman of the Central Bank of Azerbaijan.
Alim Guliyev, the first Chairman at CBA, underlined that since digital monies “come with terrific risks,” the CBA isn’t planning to establish a central bank issued digital currency (CBDC) any time soon. Guliyev, that sees such monetary instruments because “insecure and dangerous,” added that he believes money laundering is the prime objective of cryptocurrencies.An Israeli independent research group set up by the Senate of the Bank of Israel came to a similar decision whilst investigating possibilities of issuing CBDCs, general not recommending that the nation ’s central bank to issue its own token, Cointelegraph reported Nov. 7. Back this summer, the Bank of Finland published a study, qualified “The Great Illusion of all Cryptocurrencies,” calling cryptocurrencies not real monies but rather “accounting systems for non-existent resources,” Cointelegraph composed Jul. 2. Before this autumn in Azerbaijan, the chairman of the Azerbaijani Internet Forum demonstrated the government’s plans to implement blockchain engineering and intelligent contracts from the nation ’s legal system & “in the subject of public utilities (gas, water and electricity distribution ),” Cointelegraph composed Nov. 2. […]

Leave a comment