Central Bank of Azerbaijan expanding capabilities of digital identification project

 By Trend

The Central Bank of Azerbaijan (CBA) continues to expand the capabilities of the digital identification project based on the blockchain technology (decentralized database) in the country, head of the CBA’s IT department Anar Guliyev told Trend.

According to Guliyev, the capabilities include remote opening of bank accounts for both individuals and legal entities.

"This project will also contribute to the expansion of tools for obtaining loans online. At present, the main banks of the country already have wide access to the project. Its capabilities based on blockchain technology and digital solutions have already been launched by some banks. We expect that other banks of Azerbaijan will also join it," he stressed.

Guliyev noted that the CBA is also implementing a number of other projects in the field of introducing innovative technologies in the country.