Azerbaijan to adopt new program of transition to non-cash payments

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The Central Bank of Azerbaijan (CBA) intends to implement a new program for the transition to non-cash payments, First Deputy Chairman of the Central Bank Alim Guliyev said May 17 at the conference “New trends in financial technologies: blockchain, cryptocurrencies and security” in Baku.

During the two-day conference, the participants will discuss financial technologies, blockchain, cryptocurrencies and other innovations in the market, as well as possible risks associated with their use.

Guliyev said, the program is currently under consideration by the government.

Guliyev noted that in 2017, the CBA together with international organizations launched implementation of the “Non-cash Azerbaijan” project.

“A special state program was drafted within the framework of the project. The program stipulates integrated measures for institutional development, strengthening of financial intermediation, formation of a digital ecosystem, application of innovative payment systems and increased financial inclusion,” Guliyev said.