Over the past five years, 300 million manats have been spent on the development of information technologies in the banking sector of Azerbaijan, Chairman of the Azerbaijan Banks Association Zakir Nuriyev said May 17 at a conference titled “New Trends in Financial Technologies: Blockchain, Cryptocurrencies and Security.”
“As many as 49.8 percent of the disbursed money have been spent on the purchase of new software, 16 percent - on the development of connection and communications, 15.3 percent - on servers and networks and 16.4 percent – on the preservation of software,” Nuriyev said.
Touching upon the blockchain technology and cryptocurrencies, he said that many countries note the need for the application of the blockchain technology, but at the same time the attitude to cryptocurrencies is ambiguous.
“Cryptocurrencies don’t belong to any state and don’t have control mechanisms,” Nuriyev noted. “They are convenient for users, but they are a problem for a state. However, this market is growing, and appears in Azerbaijan as well. Therefore, it is necessary to find mechanisms for regulation of the cryptocurrencies market.”