Baku, Azerbaijan, Oct. 9

By Huseyn Veliyev - Trend:

The Central Bank of Azerbaijan (CBA) will cooperate with IBM in the blockchain technology, Director of the Information Technology Department of the CBA Farid Osmanov said at the Azerbaijan-Germany Business Forum on Energy and ICT in Baku on Oct. 9.

Osmanov said that the program is fairly large and will be implemented in two directions.

"The first direction corresponds to the plans for digital transformation. This initiative will be implemented within a five-year plan, which aims to meet the requirements and needs of the country's economy and banking sector."

"The second direction is the development of a digital identification system. We are working together on this with about 10 commercial banks and 15 government agencies," Osmanov said.

Presently, according to Osmanov, the Central Bank is working on an application that allows commercial banks to collect, store and analyze information, and this is the direction that the Central Bank will pay special attention to.

"The use of blockchain technology is specified in the state program for non-cash payments. The main goal is to enable commercial banks to work with their customers and provide them with timely access to their services," Osmanov said.

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