CBA to develop document on conceptual approach to digital currency creation in 2022

By Trend

The Central Bank of Azerbaijan (CBA) will develop a document on a conceptual approach to the creation of the digital currency in 2022, CBA executive director Farid Osmanov told reporters on Dec. 8, Trend reports.

Osmanov said that the creation of digital currency is one of the most pressing issues and the CBA has been actively involved in this process since 2021.

“In international practice, most of the banks are already working on digital currencies to be issued by the central banks and most of the central banks are conducting research in this sphere,” CBA executive director added. “The CBA is among them.”

Osmanov stressed that the CBA is closely monitoring the issues of digital transformation.

“The opportunities and risks posed by digital currency require the thorough analysis of these processes and the CBA is working on a document on a conceptual approach to creating a digital currency,” CBA executive director said.

“In this regard, we are actively holding talks with international think tanks and the Central Bank of Turkey,” Osmanov said. “Our teams communicate with each other daily. We hope that there will be preliminary results of the analysis of this technology in 2022.”