The Republic of Azerbaijan is planning to complete a project of blockchain-based digital identification system by the end of 2019. Farid Osmanov, director of the information technology department at the Central Bank of Azerbaijan (CBA), says that the new system will be adopted in the first quarter of 2020, local news agency Trend News reported on Nov. 6.
According to the report, the CBA executive introduced the plans speaking at the fourth International Banking Forum. Osmanov reportedly highlighted the system’s prospects in terms of security of personal data transferred to credit organizations as well as processing the majority of operations remotely.
The representative noted that at the initial stage, the remote accounts will be opened for legal entities and individuals.
As reported, the CBA did not have plans to issue a central bank digital currency as of November 2018. In May 2018, the country’s Taxes Ministry stated that revenue from crypto-to-fiat transactions will be subject to taxation in Azerbaijan.