Azerbaijan is adopting a measured stance on the development of a central bank digital currency (CBDC), citing apprehensions regarding monetary policy and financial stability. The Central Bank of Azerbaijan has not formulated plans to issue a CBDC at this time. However, it is actively monitoring the experiences of banks in other nations, according to local media reports that reference central bank governor Taleh Kazimov.
Cautious Approach to Central Bank Digital Currency Development
During a press conference held on July 31, Kazimov expressed interest in the technological capabilities of CBDCs. Nevertheless, he stressed a preference for observing international advancements and pilot projects before making any decisions. “We are not currently planning to issue a digital currency,” he stated.
Kazimov elaborated on the central bank’s cautious approach, emphasizing a comprehensive evaluation of the impact that CBDCs might have on monetary policy and financial stability. He remarked:
The project [CBDC] is very interesting from a technological point of view, and we look into it regularly and are monitoring other central banks to see the results that they have achieved, because there are questions about both monetary policy and the stability of the financial sector.
Furthermore, the central bank governor noted that no central banks worldwide have yet successfully implemented a digital currency, with all current initiatives still in the pilot phase. He added that the central bank does not rule out the possibility of revisiting the matter once answers are obtained to questions regarding “monetary policy and the stability of the financial sector.”
Global Progress and Challenges in Central Bank Digital Currency Development
The landscape of CBDCs has significantly evolved in recent years. China is leading the way with its digital yuan, which has been extensively tested and adopted across multiple provinces. Russia is also making strides in digital currency, planning a full-scale launch of its digital ruble by July 2025.
Conversely, the United States remains undecided, with ongoing debates and assessments delaying any formal move toward a digital dollar. As previously reported, the Republican National Committee, led by Michael Whatley and Donald Trump’s daughter-in-law Lara Trump, has officially adopted an election platform opposing the creation of a central bank digital currency. This stance aims to protect Americans’ right to conduct transactions “free from Government surveillance and control.”
Meanwhile, several European nations and other countries like Sweden, Canada, and Japan are in various phases of research and pilot projects, aiming to understand the implications and potential benefits of adopting CBDCs. Despite these advancements, no central bank has yet achieved a fully successful implementation, with all current initiatives still largely in the experimental phase.
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