The national financial market will adopt bitcoin in case it is legalised by the Central Bank, a representative of Azerbaijani financial market told Trend.

Azerbaijan's financial regulators are still sceptical about bitcoin, which causes uncertainty for the players of the market. However, the financial market is itself is allegedly ready to integrate the digital currency.

“In this respect, it is difficult to tell which steps will be taken by the Azerbaijan's Central Bank in this direction. Moreover, Azerbaijan needs to study European legislation in the field of bitcoin,” an unnamed source said.

Last year the Central Bank of Azerbaijan made a statement with regard to growing interest in the country to the virtual currency bitcoin. According to the document, it is prohibited to use other means of payment than the national currency, Azerbaijani manat. At the same time, the Central Bank developed the draft law “On payment services”, which implies creation of the legal framework for use of e-money.

CoinFox recently reported about the possibility of creating digital equivalent of the Azerbaijani national currency manat. However, suggested digital currency called Cryptomanat is not likely to gain popularity because of the underdeveloped system of electronic payments in the country, experts say.

Sonya Belova