• Sun, 17 Nov 2019, 08:19 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Azerbaijan to complete blockchain-based ID system by 2019’s end

Azerbaijan’s blockchain-based ID system will reportedly be completed by the end of 2019 and will be adopted in 2020, which will help credit firms manage personal data of its clients.

Image via Max Pixel

Thu, 07 Nov 2019, 05:22 am UTC

Azerbaijan is undergoing a massive transformation in its financial sector similar to what’s been happening in several countries across the globe. At the heart of this evolution is the blockchain technology, which offers a secure, transparent, and low-cost system.

Farid Osmanov, director of the information technology department at the Central Bank of Azerbaijan (CBA), recently revealed plans to finish a blockchain-based digital identification system by the end of the year. Osmanov said that adoption of the said system is slated to take place in the first quarter of 2020, Cointelegraph reported citing Trend News.

The system will be governing the transfer of personal data to credit firms and allowing for the processing of operations remotely. It will also encompass both individuals and large organizations alike during the initial phase.

Azerbaijan CBDC still unclear

Ultimately, the system will be including other banking services with added monitoring measures to hinder money laundering and financing terrorists.

It was revealed last year that Azerbaijan partnered with International Business Machine (IBM) for a five-year plan that will accelerate the growth of the nation’s economy, NEWS BTC reported. In June, reports suggested that the State Customs Committee teamed up with IBM to implement blockchain technology in cargo transportation.

In September, the State Customs Committee was seeking to leverage the technology to exchange information with the customs authorities of other countries.

It’s still unclear whether or not Azerbaijan’s plans will include a central bank digital currency (CBDC) initiative that’s being done in countries like China and Turkey. The CBA announced last year that plans for a CBDC development aren’t in the pipeline due to “great risks,” citing money laundering as one of the main dangers of cryptocurrencies.

China and Turkey developing their own CBDC

Meanwhile, China is going full-steam ahead with its plans to create its own state-backed CBDC that is intended to push global usage of the yuan. Chinese President Xi Jinping endorsed blockchain a couple of weeks ago and mandated the acceleration of the technology in the country, highlighting the importance of this emerging innovation.

Turkey is also looking to create its own CBDC, with President Recep Tayyip Erdogan saying that they plan to complete the project by the end of 2020. Turkey’s goal is to establish itself as a global crypto leader to attract investors and to shield itself from the economic crisis that hit the country in 2018.

Image credit: https://www.maxpixel.net/Flag-Azerbaijan-International-2690851

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,532.59 (-0.03%)
  • Ethereum (ETH) $182.65 (+0.22%)
  • XRP (XRP) $0.263000 (-0.50%)
  • Bitcoin Cash (BCH) $264.63 (-0.90%)
  • Litecoin (LTC) $58.47 (+0.61%)
  • Bitcoin (BTC) $8,532.59 (-0.03%)
Nov 14, 2019 (Thursday)
12:14
Amun AG launches Tezos ETP on Swiss SIX Exchange; makes available 7 crypto ETPs on Boerse Stuttgart
11:38
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:37
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:59
Samsung SDS integrates QEDIT’s private asset transfer solution with Nexledger blockchain
10:46
Crypto Technicals: BTG/USD slips lower to test 4H 200 SMA, break below to see more downside
10:11
ASX-listed firm DigitalX launched new bitcoin fund
09:23
Telegram denies all SEC allegations concerning its gram token and sale
08:23
Crypto Technicals: XMR/USD pauses shy of 110-EMA (67.251), break above to fuel more gains
07:17
AFME calls for a common approach for regulation of crypto-assets in Europe
06:49
Crypto Technicals: XRP/USD edges higher from fresh 3-week lows at 0.2565, bias strongly bearish
06:21
Chinese bitcoin mining giant Canaan seeks to raise $100M in US IPO
05:20
Crypto Technicals: LTC/USD breaks below 21-EMA, eyes 50-DMA at 57.28
05:19
Crypto data provider Messari raises $4M from Uncork Capital, Coinbase Ventures and others
04:35
Crypto wallet startup Bitski secures $1.8M from Winklevoss Capital, Coinbase and others
04:06
Crypto Technicals: BTC/USD confined to narrow range trade, 5-DMA caps upside at 8814
Nov 13, 2019 (Wednesday)
13:19
CME sets January 13 as target date for bitcoin options launch
12:25
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:25
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:17
HSBC, SGX, Temasek explore DLT for end-to-end digitalization of fixed income securities
11:18
Crypto Technicals: LTC/USD trade rangebound, holds support at 21-EMA (60.12)
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft