“Digital currencies and fintechs should develop within a regulatory framework,” said Taleh Kazimov, Chairman of the Central Bank of Azerbaijan, during his speech at the GFTN-Tbilisi Financial Summit, while speaking on digital currencies, the development of the fintech sector, and the importance of regulatory approaches, APA-Economics reports.
According to him, the full digitalization of the retail banking sector is still an ongoing process, and it is important to maintain a balance between innovation and regulation: “The digitalization of the retail banking sector requires a certain balance. That is, innovation and regulation should complement each other.”
The head of the Central Bank noted that stablecoins, digital currencies, and blockchain-based solutions promote innovations and startups, but this development should take place within a clear and responsible regulatory framework: “We often talk about stablecoins and digital currencies. They stimulate innovation and fintechs, but we are also regulators. Development should be governed not by ideas, but by responsible rules.”
T. Kazimov stated that the goal is not to prevent financial technologies but rather to ensure their safe, sustainable, and systematic development. He also added that the application of artificial intelligence promotes innovations in the financial system, but this process should be carried out within ethical principles and regulatory frameworks from a religious perspective: “Artificial intelligence opens up new opportunities for us, but the application of this technology requires responsibility. We offer financial institutions not only technological development, but also a value-based management approach.”
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