Infrastructure for blockchain technology to appear in Azerbaijan by 2020

  17 May 2019    Read: 1600
  Infrastructure for blockchain technology to appear in Azerbaijan by 2020

The infrastructure is planned to be created in Azerbaijan by 2020 for the implementation of blockchain technology, Chief Administrator of the IT department of the Central Bank of Azerbaijan (CBA) Farid Osmanov said, AzVision.az reports.

Osmanov made the remarks at the FINTEX Summit entitled "New trends in banking and payment ecosystem: innovative solutions, financial technologies and security" in Baku.

“This is a pilot project, the development of which was launched after the signing of the state program on the expansion of digital payments in Azerbaijan in 2018-2020,” he said.

“A corresponding prototype was created in early 2019,” he added. “The plan is being developed to coordinate further actions with the relevant organizations for the implementation of blockchain technology.”

Osmanov said, “The main goal in this issue is to create an open banking model, which in future will expand Azerbaijan’s financial capabilities based on the blockchain technologies.”


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