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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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Stellar Price Analysis: Grayscale Announces XLM Based Trust; XLM/USD Stuck Within Bearish Structure

Global digital asset management firm, Grayscale, has announced an investment vehicle based around XLM. XLM/USD is moving within the confinements of a bearish pattern structure, subject to a breakout south. XLM/USD has been subject to very narrow and choppy trading, which has been going on for the past eight sessions now. Price action is moving […] The post Stellar Price Analysis: Grayscale Announces XLM Based Trust; XLM/USD Stuck Within Bearish Structure appeared first on Hacked: Hacking Finance.

Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust

Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust Digital currency investment group Grayscale confirmed it had successfully launched its latest fund, dedicated to Stellar’s Lumens (XLM) token, in a tweet Jan. 17. Grayscale, which now operates nine cryptocurrency funds, timed the move to coincide with a change of image for its products, renaming all its […] Cet article Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust est apparu en premier sur Bitcoin Central.
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Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

CoinSpeaker Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project Until now, everybody has been talking about Bitcoin, the most popular and widely used digital currency. However, Bitcoin is unable to process thousands of transactions a second. Researchers from the Massachusetts Institute of Technology (MIT), UC-Berkeley, Stanford University, Carnegie Mellon University, University of Southern California, and the University of Washington have decided to fix such a weakness and develop a crypto asset better than Bitcoin. The researchers are working together as Distributed Technology Research (DTR), a non-profit organization based in Switzerland and backed by hedge fund Pantera Capital. The first initiative of Distributed Technology Research is the Unit-e, a virtual coin that is expected to solve bitcoin’s scalability issues while holding true to a decentralized model and process transactions faster than even Visa or Mastercard. Babak Dastmaltschi, Chairman of the DTR Foundation Council, said: “The blockchain and digital currency markets are at an interesting crossroads, reminiscent of the inflection points reached when industries such as telecom and the internet were coming of age. These are transformative times. We are nearing the point where every person in the world is connected together. Advancements in distributed technologies will enable open networks, avoiding the need for centralized authorities. DTR was formed with the goal of enabling and supporting this revolution, and it is in this vein that we unveil Unit-e.” According to the press release, Unit-e will be able to process 10,000 transactions per second. That’s worlds away from the current average of between 3.3 and 7 transactions per second for Bitcoin and 10 to 30 transactions for Ethereum. Joey Krug, a member of the DTR Foundation Council and Co-Chief Investment Officer at Pantera Capital, believes that a lack of scalability is holding back cryptocurrency mass adoption. He said: “We are on the cusp of something where if this doesn’t scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet.” The project’s ideology is firmly rooted in transparency, with a belief in open-source, decentralized software developed in the public interest with inclusive decision-making. The core team of the project is based in Berlin. To solve the scalability problem, DTR has decided to develop the Unit-e with parameters very close to Bitcoin’s design, but many things will be improved. Gulia Fanti, DTR lead researcher and Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University, commented: “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research. Our approach is to first understand fundamental limits on blockchain performance, then to develop solutions that operate as close to these limits as possible, with results that are provable within a rigorous theoretical framework.” The launch of the Unit-e is planned for the second half of 2019. Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

BitPay CEO Says Bitcoin Is Solving Real Problems Around the World

BitPay co-founder and CEO, Stephen Pair, has recently commented that Bitcoin (BTC) is solving several issues around the world. He said that in a press release uploaded a […] The post BitPay CEO Says Bitcoin Is Solving Real Problems Around the World appeared first on UseTheBitcoin.
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