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Central Bank of Azerbaijan seeks to tap blockchain for relations between banks and customers

TheCentral Bank of Azerbaijan (CBA) is seeking to tap blockchain technology to build a digital identification system for regulating the relations between banks and customers, according to the central bank’s statement published on ‘Azerbaijan’ newspaper on December 29, 2017, 4-traders reported.

The announcement follows the CBA’s recent efforts to look into the potential of blockchain technology. Last month, the central bank discussed the application of blockchain in foreign countries, integration of e-identification systems to information and payment systems and related experience in Georgia and Estonia.

The central bank is actively studying this innovative technology and has plans to launch a pilot project.

In December 2017, the CBA chairman Elman Rustamov said that the central bank will monitor international trends in digital currency and blockchain regulation before developing a regulatory framework for distributed ledger technologies (DLTs), Bitcoin.com reported.

“The Central Bank intends to help in studying this technology and its future use in the financial and banking sector of Azerbaijan, and in the future in public services for the population. For this, we have already started negotiations with leading consulting companies. I think that at the first stage, we must create stable technological and legislative infrastructure, and then start introducing this technology,” Rustamov said at the time.

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