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Center for studying, developing cryptocurrency market, blockchain established in Azerbaijan

6 April 2018 16:49 (UTC+04:00)
Center for studying, developing cryptocurrency market, blockchain established in Azerbaijan

By Rashid Shirinov

A center for studying and developing the cryptocurrency market and blockchain technology has been created in Azerbaijan, said chairman of the Azerbaijan Internet Forum (AIF) Osman Gunduz .

He noted that a stakeholder meeting was held on April 5 where a center was established and the main directions of its future activities were identified.

“A plan of the center’s activities was drawn up, which includes educational activities, preparation of proposals on the regulation of the cryptocurrency market and blockchain, as well as provision of consulting services in this area,” Gunduz told Trend on April 6.

As part of the creation of the center, internet resource was registered, and it will be put into operation in the coming weeks.

“Meanwhile, it is planned to conduct free training courses on cryptocurrencies and blockchain for media representatives, so that information on this industry will be presented competently,” the chairman added.

The future plans of the center include inviting foreign experts in this field and preparing proposals for companies and banks on the application of blockhain technologies, as well as preparations for the ICO (Initial Coin Offering).

Gunduz noted earlier that it is also important to study the experience of neighboring countries that have made some progress in this area and that have the appropriate infrastructure and ecosystem.

Cryptocurrency is a digital currency, the unit of which is a coin. It is protected from forgery, since it constitutes encrypted information that cannot be copied. Cryptocurrency is emitted directly on the network and is not connected in any way with any ordinary currency or with any state currency system.

Depending on the country, cryptocurrencies are seen as means of payment, specific products, and they may also have limitations in circulation.


Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov

Follow us on Twitter @AzerNewsAz

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