Republican

Bank

Read

Azerbaijan is taking a cautious approach to the development of a central bank digital currency, citing concerns over monetary policy and financial stability.
The Central Bank of Azerbaijan hasn’t made plans to issue a central bank digital currency at this time, although it’s actively observing the experiences of banks in other countries, local media <a href="https://en.trend.az/business/economy/3929101.html" target="_blank" rel="noopener noreferrer nofollow">reports</a> citing central bank governor Taleh Kazimov.
During a press conference on July 31, Kazimov expressed interest in the technological potential of <a href="https://crypto.news/tag/cbdc/" target="_blank" rel="noopener noreferrer nofollow">CBDCs</a> but emphasized a preference for observing international developments and pilot projects before making any decisions.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “We are not currently planning to issue a digital currency.”
 Taleh Kazimov
</blockquote>
Kazimov elaborated that the central bank is deliberate in its approach, prioritizing a thorough evaluation of the impact of CBDCs on monetary policy and financial stability.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “The project [CBDC] is very interesting from a technological point of view, and we look into it regularly and are monitoring other central banks to see the results that they have achieved, because there are questions about both monetary policy and the stability of the financial sector.”
 Taleh Kazimov
</blockquote>
You might also like: <a href="https://crypto.news/cambodias-cbdc-dev-soramitsu-to-pilot-digital-currency-for-papua-new-guinea/" rel="noopener noreferrer nofollow"> Cambodia’s CBDC dev Soramitsu to pilot digital currency for Papua New Guinea </a>
The central bank governor also noted that no central banks globally have yet achieved a “successfully implemented” digital currency, with all current initiatives remaining in the pilot phase. He added that the central bank doesn’t rule out the possibility of revisiting the matter once it gets answers to questions regarding “monetary policy and the stability of the financial sector.”
<h2 class="wp-block-heading" id="cbdcs-go-mainstream-but-not-everywhere">CBDCs go mainstream, but not everywhere</h2>
In recent years, the CBDC landscape has evolved drastically. <a href="https://crypto.news/tag/china/" target="_blank" rel="noopener noreferrer nofollow">China</a> is leading with its digital yuan, extensively <a href="https://crypto.news/beijing-asks-wechat-to-lower-its-mobile-payment-share-amid-digital-yuan-pilot/" data-type="post" data-id="14276866" target="_blank" rel="noopener noreferrer nofollow">tested and adopted</a> across multiple provinces. <a href="https://crypto.news/tag/russia/" target="_blank" rel="noopener noreferrer nofollow">Russia</a> is also advancing in digital currency, <a href="https://crypto.news/bank-of-russia-eyes-full-scale-digital-ruble-launch-by-next-july/" data-type="post" data-id="14288193" target="_blank" rel="noopener noreferrer nofollow">planning</a> a full-scale launch of its digital ruble by July 2025.
Meanwhile, the U.S. remains undecided, with debates and assessments delaying any formal move toward a digital dollar. As crypto.news <a href="https://crypto.news/republican-national-committee-pledges-to-defend-the-right-to-mine-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">reported</a> earlier, the Republican National Committee, led by Michael Whatley and Donald Trump’s daughter-in-law Lara Trump, has officially adopted an election platform opposing the creation of a central bank digital currency, aiming to protect Americans’ right to transact money “free from Government surveillance and control.”
Read more: <a href="https://crypto.news/bank-of-england-rolls-out-consultation-paper-for-wholesale-cbdc/" rel="noopener noreferrer nofollow"> Bank of England rolls out consultation paper for wholesale CBDC </a>

Azerbaijan’s central bank holds back on CBDC over monetary policy concerns

Table of Contents

crypto.news

Other articles published on Aug 1, 2024

Icebreaker Secures $5M Seed Funding to Build Blockchain Alternative to LinkedIn

BONK poised for 53% hike? These are the signs which say yes!

Avalanche Eyes Bullish Token Unlock Amid $1B Market Release

Analysts touts Bitcoin reserve bill as solution to rising US debt

Analyst Predicts Bitcoin’s Potential Decline if Key Support Levels are Lost

25.78% of Wormhole Token Supply Will Be In Circulation After Latest Unlock

Join our free newsletter for daily crypto updates!