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The rejection of modern technologies such as the blockchain and cryptocurrency and their total ban can lead to negative consequences, the Managing Director of the eTORO Company in Russia and CIS George Verbitsky believes.

He said those countries that opened their markets for cryptocurrencies and were able to work with them, received significant profits.

"Japan can be an example of this. In recent months, the cryptocurrency market of Japan significantly increased, but this occurred because China has tightened the requirements in relation to the miners, who consequently moved to Japan," said Verbitsky, who participated in the conference "New trends in financial technology: the blockchain, cryptocurrencies and security," in Baku.

Verbitsky noted that, the states do not want to face the risks associated with bitcoin and other cryptocurrencies that can not be controlled, but the solution in this case can be the creation of a national cryptocurrency issued by central banks.

"This step will significantly increase the competitiveness of the country in the region and the world. Imagine that there is a crypto-manat issued by the Central Bank of Azerbaijan on the technology of blockchain, which is secured with real reserves. It is just based on the blockchain, it is transparent and all transactions are visible. The emission may be centralized, and some government services can be paid by cryptomanat with a certain discount in order to stimulate the people to use this cryptocurrency," said Verbitsky.

According to him, the advantages of this step are obvious.

"There is no need to print money, spend money on it. Everything is done electronically, with great speed. So we take the technology, but we retain the centralization. Yes, distrust of the emission on the part of the people will remain, as there is no decentralization, as in the case of bitcoin. But a step forward can be made and for example a currency that is entirely focused on the global market can be emitted. It would be a freely convertible national cryptocurrency, and it could reduce the dependence on the US dollar. In addition, it would help to occupy a niche that is still vacant," said Verbitsky.

The conference on "New trends in financial technologies: blockchain, cryptocurrencies and security" has been recently launched in Baku. During the two-day conference, financial technologies, blockchain, cryptocurrencies and other innovations in the market, as well as possible risks associated with their use are being discussed.

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