Azerbaijan Monitoring Cryptocurrency Before Regulating, Rejects Crypto as Means of Payment

The chairman of Azerbaijan’s Central Bank (CBA), Elman Rustamov, has described the nation’s position regarding cryptocurrencies as ‘conservative’ according to local reports. Mr. Rustamov stated that the CBA does not recognize cryptocurrencies as a legitimate means of payment and that the central bank intends to develop a “legislative infrastructure” before “introducing [the] technology.”

Mr. Rustamov Addressed Cryptocurrencies During Budget Discussions in the Azerbaijani Parliament Late Last Month

LEFT: Mr. Rustamov

The central bank chairman stated “We think that cryptocurrencies continue to be a dangerous instrument for investing,” describing the CBA’s position regarding crypto as conservative.

Mr. Rustamov stated that CBA will monitor international trends in cryptocurrency and blockchain regulation before developing a regulatory framework for various distributed ledger technologies. Mr. Rustamov stated: […]

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