Azerbaijan’s Central Bank to Be Cautious About Implementing CBDC

adminAugust 4, 2024

Azerbaijan is taking a cautious approach to developing a central bank digital currency (CBDC), citing concerns about monetary policy and financial stability. The Central Bank of Azerbaijan currently has no plans to issue a CBDC. However, it is actively monitoring the experience of banks in other countries, according to local media reports citing Central Bank Governor Taleh Kazimov.

A cautious approach to developing central bank digital currencies

At a press conference on July 31, Kazimov expressed interest in the technical capabilities of CBDC. However, he emphasized that he would prefer to observe international developments and pilot projects before making a decision. “There are currently no plans to issue a digital currency,” he said.

Elaborating on the central bank’s cautious approach, Kazimov emphasized a comprehensive assessment of the potential impact of CBDC on monetary policy and financial stability. He said:

This project (CBDC) is very interesting from a technical point of view. We are looking at it regularly and monitoring the performance of other central banks, because there are questions about both monetary policy and financial sector stability.

The central bank governor also noted that no central bank in the world has successfully implemented a digital currency, and that all initiatives are still in the pilot stage. He added that the central bank does not rule out revisiting the issue once it receives answers to its questions about “monetary policy and financial sector stability.”

Global progress and challenges in developing central bank digital currencies

The CBDC landscape has evolved considerably in recent years. China is leading the way with its digital yuan, which has been widely tested and adopted in several provinces. Russia is also making progress with digital currencies, with plans to fully launch a digital ruble by July 2025.

In contrast, the United States is still undecided, with ongoing discussions and evaluations delaying any formal moves toward a digital dollar. As previously reported, the Republican National Committee, led by Michael Watley and Donald Trump’s daughter-in-law Lara Trump, has formally adopted a campaign platform opposing the creation of a central bank digital currency. This position aims to protect the right of Americans to conduct transactions “without government oversight and control.”

Meanwhile, several European countries, such as Sweden, Canada, and Japan, and other countries are conducting various research and pilot projects to understand the implications and potential benefits of adopting CBDCs. Despite these developments, no central bank has yet achieved a fully successful implementation, and all current initiatives are still largely experimental.

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