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The CBA is exploring several approaches to the technological infrastructure of the digital manat
The CBA is exploring several approaches to the technological infrastructure of the digital manat
The CBA is exploring several approaches to the technological infrastructure of the digital manat.
“We are not rushing to implement the digital manat”
According to AZE Finance.az, this was reported by the Central Bank.
"Globally, extensive research and pilot projects are being conducted on the implementation of central bank digital currencies. The main goal of this process is to increase the efficiency of the financial system, expand cashless circulation, and support digital transformation," said the Central Bank.
It was also noted that the Central Bank of Azerbaijan, taking global experience into account, is evaluating the possibilities of implementing the digital manat. In the framework of technical assistance from the International Monetary Fund, detailed analyses have been conducted on the economic effects, legal framework, and technological infrastructure of CBDC.
"While forming the technological infrastructure of the digital manat, several key approaches are being considered—blockchain and distributed ledger technologies (DLT), as well as secure payment platforms based on centralized databases. Different approaches can be found in international practice. For example, the People's Bank of China uses a centralized management model for the digital yuan, while the European Central Bank is testing distributed ledger technologies for the technological design of the digital euro. The Central Bank of Azerbaijan will determine the technological solution for the digital manat by studying international experience and taking into account the characteristics of the local financial sector," the Central Bank noted.
The CBA is exploring several approaches to the technological infrastructure of the digital manat.
“We are not rushing to implement the digital manat”
According to AZE Finance.az, this was reported by the Central Bank.
"Globally, extensive research and pilot projects are being conducted on the implementation of central bank digital currencies. The main goal of this process is to increase the efficiency of the financial system, expand cashless circulation, and support digital transformation," said the Central Bank.
It was also noted that the Central Bank of Azerbaijan, taking global experience into account, is evaluating the possibilities of implementing the digital manat. In the framework of technical assistance from the International Monetary Fund, detailed analyses have been conducted on the economic effects, legal framework, and technological infrastructure of CBDC.
"While forming the technological infrastructure of the digital manat, several key approaches are being considered—blockchain and distributed ledger technologies (DLT), as well as secure payment platforms based on centralized databases. Different approaches can be found in international practice. For example, the People's Bank of China uses a centralized management model for the digital yuan, while the European Central Bank is testing distributed ledger technologies for the technological design of the digital euro. The Central Bank of Azerbaijan will determine the technological solution for the digital manat by studying international experience and taking into account the characteristics of the local financial sector," the Central Bank noted.