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Azerbaijan researching to create digital manat

8 December 2021 16:42 (UTC+04:00)
Azerbaijan researching to create digital manat

By Trend

The Central Bank of Azerbaijan (CBA) is conducting research to create a digital manat and the Azerbaijani government is negotiating on this issue, Executive Director of the Azerbaijani Center for Analysis of Economic Reforms and Communication, Doctor of Economics, Professor Vusal Gasimli said at the V International Banking Forum 2021 in Baku, Trend reports.

Gasimli said that according to the CBA’s international settlements, 88 percent of transactions are made in US dollars, four percent in Chinese yuan.

“The fact that the yuan is one step ahead in terms of a digital currency shows that we will witness big changes in the world of digital currency,” the executive director added.

“Digital currency will almost completely and greatly change our financial and banking sector," Gasimli said.

The executive director added that the financial sphere is being changed in Azerbaijan.

“The latest change was the introduction of cryptocurrencies based on blockchain technology,” Gasimli said. “The work has been already launched to create a digital manat. The Azerbaijani government is conducting the corresponding negotiations on this issue.”

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