Central Bank Of Azerbaijan, Organisation Of Turkic States Discuss Digital Financial Tech

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Moves imply regional de-dollarisation, creation of digital Turkic currency 

The Central Bank of Azerbaijan (CBA) has discussed cooperation in the field of digital financial technologies and security with the Association of Banks of Turkic-speaking States, (also known as the Council of Banks Associations) according to Taleh Kazimov, the Governor of the CBA.

“We have met with the heads of associations of banks of Turkic-speaking countries located in Azerbaijan in order to participate in the Fintech summit organized by the Association of Banks of Azerbaijan,” Kazimov said.

“We have exchanged views on the development of a modern banking and financial ecosystem, innovative solutions, cooperation in the field of digital financial technologies and security, exchange of experience, study and application of international experience in this field during the meeting,” he added.

“We also discussed the possibilities of further cooperation between the financial and banking sectors of the Turkic-speaking states,” he said.

The Council of Banks Associations was established to promote the development of digital banking and payment systems in the Turkic states, as well as help member countries to combat various risks.

These members include the main Organization of Turkic States (OTS), an intergovernmental organization including Azerbaijan, Kazakhstan, Kyrgyzstan, Turkiye and Uzbekistan. It is an intergovernmental organization whose overarching aim is promoting comprehensive cooperation among Turkic-speaking states. First proposed by Kazakh President Nursultan Nazarbayev in 2006, it was founded on 3 October 2009, in Nakhchivan. The General Secretariat is in Istanbul. In addition to the above members, Hungary, Northern Cyprus, and Turkmenistan are all observer states.

That such a meeting was held implies that the OTS bloc is contemplating de-dollarisation to trade in respective regional currencies, as well as the potential construction of a unified Turkic States digital currency.

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