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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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October 18 14:30 UTC Released

USNat Gas-EIA Implied Flow

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81 bcf

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90 bcf

October 18 14:30 UTC Released

USNat Gas, Change Bcf

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81 Cubic feet

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82 Cubic feet

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90 Cubic feet

January 31 00:00 UTC 375339375339m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 387159387159m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 375339375339m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 387159387159m

ARTrade Balance

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Previous

-1541 %

January 31 00:00 UTC 375339375339m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 375339375339m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 375339375339m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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