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Central Bank of Azerbaijan (CBA) Affirms No Plans To Create Own Cryptocurrency Asset

Central Bank Of Azerbaijan Affirms That It Doesn’t Plan To Issue Its Own Crypto The Central Bank of Azerbaijan has recently affirmed to the local media that it would not follow the worldwide trend to release state-baked cryptos. The bank has affirmed that the risks are too big for the institution to do it now. Alim Guliyev, the first Chairman of the bank, has affirmed that digital currencies carry a great and not well-understood risk with them. Because of this, there are considerable risks for any institution that wants to become the issuer of central bank issued digital currencies (CBDC) within a foreseeable timeframe. The chairman is someone that definitely has a negative view of cryptos as he affirms that they are risky and dangerous and that their “prime goal” is money laundering, a baseless accusation that is only grounded by a crypto phobia. Independently from the chairman’s hate of cryptos, the chairman of the Azerbaijani Internet Forum has revealed recently that the government is implementing the blockchain technology and smart contracts to be used in the legal system of the country for public utilities. Other Banks Also Comment On Cryptos Issued By Banks The Bank of Israel has also created an independent study group that was set up by the governor in order to conclude the exploration of issuing CBDCs. While the study was not so critical of them as the other bank was, they deemed that it was not a great idea for the central bank to issue its own token because of the risks. Finland has also seen its central bank studying the idea of using cryptos in an article called The Great Illusion of Cryptocurrencies. The report has affirmed that cryptocurrencies are “not real” and that they are accounting systems for non-existent assets. It is clear that most banks are afraid of issuing CBDCs. While some strong and courageous banks are already moving forward plans to make them real, most of the others are, indeed, too scared to lead innovation. It is obvious that the risk is real as there is no framework for doing this yet, but it might give banks an edge to be innovations now. Unfortunately, most of them are not keen on the idea.
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Central Bank of Azerbaijan Rules Out Issuing Cryptocurrency

The Central Bank of Azerbaijan (CBA) has indicated that it does not intend to issue a state-backed cryptocurrency, also known as a central bank digital currency (CBDC). Speaking to reporters in Baku on November 15, CBA first Chairman Alim Guliyev stated that the Bank treats cryptocurrencies conservatively, based on a belief that the use of The post Central Bank of Azerbaijan Rules Out Issuing Cryptocurrency appeared first on CCN

Azerbaijan Eyes Blockchain And Smart Contracts Use In Legal System And Utilities

Azerbaijan has revealed plans to implement smart contracts and blockchain technology in its justice system and housing industry. The chairman of an internet forum made the plans public. He said that introducing smart contracts into the justice system had some people interested. The Plans He added that in future, they would bring these smart contracts into public utilities such as gas, water, and electricity supply. As a result, this would increase transparency. It would make it possible for the government to fight fraud in this area. Besides that, it would place power back in the hands of citizens. The comments are in line with what has been happening in Azerbaijan. The nation has embraced the blockchain. It seeks ways it can innovate with the technology. Azerbaijan has already laid out a five-year plan that will entail the central bank of the nation and IBM working to deploy the technology. The Justice Ministry For the justice minister, the legal system could benefit greatly from the blockchain. However, it was noted that progress has not been as expected thus far. The nation wants to develop something called electronic courts. However, the progress still not satisfactory. A senior official said that there was clearly a need to put more support into this area. IBM’s Work In Azerbaijan In recent reports, it has emerged that Azerbaijan is working with IBM to adopt the blockchain in the financial system. IT is a sign that the nation plans to embrace the technology and all its benefits. This is a five-year plan that will increase the nation’s efficiency, economic wise. The focus is on the banking sector and the economy of the nation. In this agreement, they will work with various commercial banks and national agencies to ensure the system is implemented. Banks will be able to collect and analyze customer data to ensure better service delivery. The second stage will be an identity system powered by blockchain technology. They will work with ten banks and fifteen agencies to implement this stage. There are even signs that the nation might replace physical cash with digital cash. A government official said that plans to implement a non-cash system were underway. According to him, the aim is to ensure that banks can offer customers efficient service. However, IBM has yet to release any details on this project. IBM And Blockchain Technology Whether this deal is implemented or not IBM has proven it is a world leader in the technology. Recently it announced a Food Trust program. This system is powered by the blockchain and it is used to track food from the source to the final point. This is coming at a time when there is pressure for the food sector to be more transparent about how it sources its food. Many retailers have already implemented the system including Tyson Food, Unilever, and many others. IBM also created World Wire, which is a competitor to the Ripple system, used to secure international payments.
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Azerbaijan Government to Use Blockchain Technology for Governance

The Ministry of Justice of Azerbaijan plans to leverage blockchain technology and smart contracts to improve public services. Ministry Focuses on Housing and Utilities Azerbaijan is taking steps towards implementing blockchain technology in the housing and utilities sector, according to Osman Gunduz, Chairman of the Azerbaijani Internet Forum (AMF). Speaking to Trend News Agency, Gunduz explained that the Ministry of Justice, which is facilitating the initiative, had organized a meeting on October 30 where “information was provided about systems and electronic services provided by various structural units of the ministry.” Services Currently Provided Gunduz spoke at length about the new initiative, saying: The agency currently provides over 30 electronic services, and also there are about 15 information systems and registries. The registers of ‘electronic notary,’ ‘electronic courts,’ penitentiary service, the information systems of non-governmental organizations, the register of population, etc. can be mentioned.The planned project entitled as ‘Mobile notary office,’ which provides for the accumulation of all notarial documents in one case, has seemed interesting. Elaborating on the ministry’s plan to leverage blockchain, Gunduz added Especially the fact that the ministry is interested in the introduction of the blockchain technology attracted attention. It was announced that in the future, the SMART contracts will be introduced in the field of public utilities (water, gas and electricity supply). […] That is, this refers to the switch-over of existing contracts of citizens for utility services to SMART-contracts, which will ensure transparency and will allow to suppress the cases of falsification in this area. The citizens themselves will be able to independently control all these processes. The chairman of AMF explained how the use of blockchain was appropriate for implementation for the ministry’s services as they involve registries and databases of the population. Use of Blockchain for Governance Azerbaijan is not the only country whose government is looking to leverage the decentralized ledger technology. Live Bitcoin News reported last week about how the government of Dubai is using blockchain to improve government provided services as part of its Smart Dubai initiative. Belgium’s agency for nature and forests is also looking at using blockchain for forest management. Venezuela plans to use its state-backed Petro for payments for issuing passports while in the neighboring country of Chile, parliament members earlier this month presented a blockchain resolution before the lower house of parliament. As governments across the world are increasingly evaluating blockchain technology and its use for improving governance, Azerbaijan joins the list of early adopters. Do you think that use of blockchain can bring significant improvement to government services? Let us know in the comments below. Images courtesy of Shutterstock, The News Agency The post Azerbaijan Government to Use Blockchain Technology for Governance appeared first on Live Bitcoin News.
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Ravencoin Grows 20% And Continues to See RVN Token Surge in the Crypto Market

There are several altcoins that are registering interesting growth rates in the last weeks. This time, Ravencoin (RVN) was able to pump once again over 20% in just 24 hours. Although Bitcoin keeps being traded sideways, there are some altcoins that are behaving very positively. Ravencoin Spikes 20% Ravencoin was able to grow 20% and […]
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Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report

Bitcoin [BTC] Futures were thought to be a snippet of the overarching cryptocurrency market, though meager in comparison to the larger spot market. A recent report from Bitwise Asset Management, the crypto-centric investment firm has stated otherwise. In a March 20 report presented to the United States’ Securities and Exchange Commission [SEC], Bitwise analyzed the Chicago Mercantile Exchange [CME], and the Chicago Board Options Exchange, with ten prominent cryptocurrency exchanges’ in terms of their trade volume. Prior to shedding light on their Futures versus Spot findings, it must be noted that the report revealed that 95 percent of the trading volume of unregulated exchanges were seemingly “fake and/or non-economic wash trading”. Taking into account this disparity, the percentage of futures volume to their spot equivalent increases from 1.51 percent to 33.33 percent. Reported Spot volume totaled $6 billion, but after removing the “suspicious exchanges”, the actual volume recorded dropped to $273 million, in comparison to the futures market volume of $91 million. Furthermore, the increase in futures’ volume as a percentage of the spot market has been steadily increasing. From November 2018 to January 2019, the futures market was just over 15 percent, and almost doubled in February 2019 to 33 percent. Since the Futures contracts were approved in December 2017, only on two occasions did the Futures volume, in comparison to the Spot market, shoot above 20 percent; this was in May and August 2018. Futures Volume expressed as a percentage of their Spot Equivalent In terms of their stand-alone trade volume, the CME and the CBOE are in good stead against the world’s top cryptocurrency exchanges. The daily volume the CME, which brings in $84.82 million, ranks second behind Binance’s $110.5 million and ahead of Bitfinex, which records $38.06 million in daily trade volume. The CBOE also fairs well, taking the ninth spot on the ladder, ringing in $6.12 million in daily trade volume. Gemini takes the eight spot with $8.11 million and itBit caps off the top-10 with $5.58 million in daily volume. Notable, among the top-12, eight exchanges are registered within the United States. Despite the CBOE’s comparative success against the spot exchanges’, it has not been performing well against its cross-town rival, the CME. This slump forced the CBOE to delist their Bitcoin Futures [XBT] for March 2019. However, the XBT futures that are yet to expire later in the year will not be off-loaded prematurely. Bitwise also points out that the CME Futures Price tracks the Global Spot Price based on an arbitrage model. Given below is a chart attesting the same: Arbitrage between the CME Futures price and the global Spot price The post Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report appeared first on AMBCrypto.

How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval

The SEC has held the ETF approval for Bitcoin and Cryptocurrency for a couple of reasons. The most significant reason for the same has been the unregulated marketplace. While decentralization in Bitcoin is an attribute that makes it an ideal asset class, the market places or Exchanges that provide for conversion of FIAT to Cryptocurrency is still controlled by independent entities. A recent report by Bitwise Asset Management published by the SEC inferred that more than 95% of the cryptocurrency volume is being faked. Hence, according to that, the ‘actual spot volume’ on cryptocurrency exchanges is a little above $270 million. Moreover, the reported volume of CME and Cboe Bitcoin Futures is more than one-third of the ‘actual spot volume’ estimated by Bitwise. According to Bitwise Asset Management, This is good news because it means CME— a regulated, surveilled market— is of material size, which important for an ETF. The case of a Bitcoin ETF Approval Now CME Bitcoin Futures reported a spot trading volume of $85 million. Moreover, according to Bitwise Asset Management, the actual trading volume of the Crypto-to-FIAT Exchanges is around $273 million. Hence, according to this statistic the Futures Trading Volume of CME alone accounted for 31.1% of the ‘Actual Exchange Volume.’ Moreover, there are other Bitcoin Futures market active in Europe and Japan as well. Hence, going by the above statistic, it can be said that the institutional investment might be in parity with the unregulated investment in Bitcoin. However, the Exchanges have reported total spot volumes total to the tune of $6 billion. This can necessarily raise doubts on its demand being higher than $100 billion. However, it does not directly affect the total market capitalization of a cryptocurrency.   Parity Between Spot Trading of Bitcoin and Gold The spot trading volume of Gold is 0.55% of its total market capitalization, while according to Bitwise statistics spot ‘actual spot trading on Bitcoin is 0.39%. If the CME Futures volume is included in this data, the percentage will increase to 0.51%. The OTC trading volume on most exchanges is also not added in the Exchange Data. All this suggest that the institutional investment in Bitcoin is considerably more significant than one expects. It is not only healthy in volume but also agrees statistically with the closest relatable asset class, i.e., Gold. Hence, a new form of informational mechanics for the trading of Bitcoin and Cryptocurrency in regulated Exchanges could alleviate the doubts around the Bitcoin ETF approval.   The post How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval appeared first on Coingape.

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. […] Cet article Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA est apparu en premier sur Bitcoin Central.
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