On November 6, the scientific seminar on topic “Crypto-currency: economic and legal aspects” was held at the Scientific Institute for Economic Researches under the UNEC.

 The academic resaercher of Scientific Institute for Economic Researches Nazim Mammadov made a presentation and gave the extensive information on the advantaged and disadvantages of crypto-currency, described its types, economic and legal essence, legal regulation and models. He noted that the formation of the concept for the legal regulation of crypto-currency is one of the important issues. Mammadov talked about the related taxation and the issue of stimulation of innovation in the crypto-currency and financial market, as well. The speaker, in addition, expressed the prospects for the introduction of crypto-currency in the import-export operations between countries and considered it as the cause for decreasing the demand for foreign currency (USA $).

Deputy director of the Department of “Payment Systems and Settlements” of the Central Bank of Azerbaijan Vahid Gurbanov, commented on the direction and objectives of the investigations related to crypto-currency. At the discussions the possibilities of negative and, as well as, the speculative use of crypto-currency in current situation were described and was emphasized the topicality of the importance of legal regulation.

The seminar continued with discussions.