Central Bank of Azerbaijan talks possibility of issuing its cryptocurrency

15 November 2018 17:55 (UTC+04:00)

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The Central Bank of Azerbaijan (CBA) treats cryptocurrencies very conservatively and believes such financial instruments involve great risks, first Chairman of the CBA Alim Guliyev told reporters in Baku Nov. 15.

He said that given the risks, the CBA doesn’t plan to issue its cryptocurrency. Speaking about risks, he said that cryptocurrency is often used for money laundering.

In February, Chairman of the CBA Elman Rustamov urged the Azerbaijani population to be careful in operations with cryptocurrencies. In his opinion, investments in cryptocurrencies are very risky and dangerous.

The cost of Bitcoin, the most popular cryptocurrency in the world, fell on Nov. 15 morning by more than 10 percent, reaching a minimum since October 2017 - $5,623 (according to CoinMarketCap).

The cost of other biggest cryptocurrencies fell by an average of 20 percent. The cryptocurrency market capitalization is about $183.74 billion. Bitcoin accounts for more than 50 percent of the cryptocurrency market.

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