The Republic of Azerbaijan is planning to complete a project of blockchain-based digital identification system by the end of 2019. Farid Osmanov, director of the information technology department at the Central Bank of Azerbaijan (CBA), says that the new system will be adopted in the first quarter of 2020, local news agency Trend News reported on November 6.
“Transition of the CBA to open banking”
According to the report, the CBA executive introduced the plans speaking at the fourth International Banking Forum. Osmanov reportedly highlighted the system’s prospects in terms of security of personal data transferred to credit organizations as well as processing the majority of operations remotely.
The representative noted that at the initial stage, the remote accounts will be opened for legal entities and individuals. At the final stage, the project targets the inclusion of other banking services and automation of fund monitoring systems preventing terrorism financing and money laundering, the official said.
Osmanov pointed out that the direct result of the system’s adoption will be the “transition of the CBA to open banking.” Read More...