Central Bank presents Blockchain based Digital Information System

03-08-2020

30 July 2020, Baku: The Central Bank is implementing a project on creation of the blockchain based Digital Information System in accordance with the action plan to expand the coverage of digital services in the country, deliver more secure and instant e-services to end users building customer-bank relations on innovation platform as part of the ‘State Program on expansion of digital payments in the Republic of Azerbaijan for 2018-2020’ approved by Decree# 508 of the President of the Republic of Azerbaijan dated 26 September 2018.

The functionality of distant bank account opening for individuals and legal entities as a pilot was fully digitalized within the frames of creation of the Digital Identification System and the system was presented to representatives of the IFC, the Azerbaijan Banks Association and banks in a video-conference mode. The functionalities of the system to be commissioned in August were displayed aided by discussions on its future development prospects.

After the project is realized, individuals and legal entities will be able to promptly use distant bank services without going to banks, and there will be no need to provide required information on paper carriers, thus ensuring integrity, accessibility and confidentiality of information. Efforts related to successful completion of the project and its strategic expansion in other areas will continue with relevant organizations.