Expert talks on Azerbaijan’s possible creating cryptocurrency regulation

  15 November 2017    Read: 1717
Expert talks on Azerbaijan’s possible creating cryptocurrency regulation

Creation of legislation in the field of regulation of operations with cryptocurrencies will turn Azerbaijan into one of the world leaders in this sphere, Maryam Taghiyeva, chief systems architect of the British think tank Center for Citizenship, Enterprise and Governance (CCEG).

She said that today many countries still prohibit any operations with cryptocurrencies. At the same time, Taghiyeva believes that the regulation of operations with cryptocurrencies through stock exchanges, as suggested in some countries, may slow down the development of the cryptocurrencies.

"Perhaps this will help the process of legalizing cryptocurrencies, but stock exchanges and any such organizations work quite slowly, as each innovation must go through a multitude of instances," she noted. "This may delay the development of cryptocurrencies and blockchain technology. But if Azerbaijan can adopt such regulation, the country will be ahead of the whole planet, since such operations are still banned in the world due to lack of regulation."

The expert believes that first of all it is necessary to solve legislative issues with the use of cryptocurrency.

"Only the presence of regulation will add to people’s confidence in cryptocurrencies in general," she noted. "If there is no regulation, the process of introduction and use of cryptocurrencies will be constantly delayed."

She added that the CCEG is ready to support the creation of such legislation in Azerbaijan.

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