Azerbaijan might elaborate bill on cryptocurrency

"Azerbaijan will also have a law on cryptocurrency in any case. Because the development of this area is one of the main goals and challenges for the world financial systems," Chairman of the Committee on Economic Policy, Industry and Entrepreneurship of Azerbaijani Parliament Tahir Mirkishili told journalists.

According to him, there is no single position in the world yet: "Today, cryptocurrency has many directions. There are many types, such as cryptocurrency, digital currency, electronic currency. At present, research is underway, there are pilot projects."

The MP said that everyone understands that this will be an inevitable electronic payment instrument in the future: "But what will be behind it? Today, when it comes to currency and money, the state is behind it. Should the state or technology be behind cryptocurrency? If it is technology, who will stand behind this technology? In the end, if a citizen sees the devaluation of the currency, in any case, the state bears responsibility."