Azernews.Az

By Nigar Orujova

Azerbaijan will start using Bitcoins, said Adam Janiszewski, the chief specialist of the legal department of the Polish Financial Supervision Authority.

He said the turnover of Bitcoins, gaining popularity in Europe, is being carried out without the supervision of the central banks or the tax authorities, which is a serious concern in many European countries.

In this regard, Azerbaijan should study the European legislation regarding Bitcoins, Janiszewski said at a workshop organized in Baku by the Technical Assistance and Information Exchange commission of the European Commission.

The workshop was devoted to studying the European experience in the promotion of non-cash payments and bringing Azerbaijani law in line with European legislation.

As the expert noted, to increase transparency in the economy and strengthen financial discipline in countries around the world, particularly the developed countries, countries must take a flexible position on the issue of control over financial transactions.

As an example, he cited a program adopted by Poland on the development of cashless payments in the years 2014-2020, which paves the way for significant progress in this area.

The head of the tax inspection and monitoring department at the Strategic Research Agency under the Tax Ministry’s Central Department on Tax Policy and Strategic Research, Yunus Guliyev, also addressed the workshop with a presentation entitled “The current situation in Azerbaijan in the field of stimulation of cashless payments."

Statistics on the number of operations carried out with Bitcoin show that up to 60 percent of exchanges were accounted for by the Chinese yuan, and 30 percent for the US dollar. They are followed by the exchange of the euro, British pound and other currencies.

At present, there are only a few thousand companies all over the world that take crypto-currency in exchange for goods and services, which has very little impact on the global economy.

The average daily turnover of Bitcoins is about one million BTC, and the average premium for the miners is about 0,0001 BTC per transaction. Respectively, per day they receive around 3,000-5,000 BTC in the form of remuneration, that is about one million dollars a day.

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Nigar Orujova is AzerNews’s staff journalist, follow her on Twitter: @o_nigar

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