Azerbaijan, erstwhile member of the now dissolved USSR, is taking another step closer towards cryptocurrencies and Bitcoin.Earlier, in September 2015, it was reported by CoinTelegraph that Azerbaijan was actively discussing the possibility of creating a “Cryptomanat” coin – the cryptocurrency equivalent of its national currency, the Azerbaijani manat.Now, Azerbaijan is getting its first Bitcoin exchange service.BTC.AZ will be the country’s first BTC exchange services provider, and will also provide educational material on Bitcoin in the local Azerbaijani language.They are expected to begin their services by the end of February 2016.CoinTelegraph interviewed Tabriz Aliyev, co-founder of BTC.AZ to hear more about the state of Bitcoin in Azerbaijan, and his hopes for its future.: What are all the services BTC.AZ will provide for Bitcoin enthusiasts?: We have prepared a 3 step plan for our company: CT: What is the attitude of people towards Bitcoin and blockchain in Azerbaijan?

TA: There are only a few people who really have heard of Bitcoin, and even less who understand what blockchain technology is.The concept of decentralized currency is something very new not just for Azerbaijan but for the whole world.Since people don't really understand it, they tend to be skeptical towards it.It will take time for people in Azerbaijan to learn and really understand how Bitcoin and blockchain work and what they represent.CT: Do you think that the Bitcoin market in Azerbaijan is growing?TA: We don't expect it to be a big market anytime soon, but as Bitcoin grows into mainstream around the world, we believe Azerbaijan should not lag behind and bitcoin exchanges and businesses should also develop in line with the expansion of bitcoin.CT: What is the legal status of Bitcoin in the country?TA: From our research we found that there aren’t any specific regulations related to Bitcoin in Azerbaijan.We concluded that it's unclear whether Bitcoin is considered a currency or an asset by the government.

But it should be noted that according to the law any other means of payment other than Azerbaijan Manat is prohibited within the country.As a business you can't accept bitcoins for your products and services, but buying and selling bitcoins is not prohibited.CT: What would Bitcoin mean to Azerbaijanis?TA: 2015 had been a bad year for Azerbaijani Manat as it was devalued two times in a single year.The Central Bank of Azerbaijan devalued the national currency against the US dollar 33.5% in February and 47.9% in December.litecoin mining for saleI believe for some people bitcoin could serve as a way for storing their wealth.dogecoin value miningCT: It has been 7 years since Bitcoin was first launched.cách kiếm bitcoin online

What had stopped others or you from starting a bitcoin exchange service until now?TA: Even though bitcoin has been in existence for 7 years, I don't think it has really gone mainstream yet.The lack of regulation has been probably the major block for other people to launch bitcoin services in the past.I think 2016 will be a big year for bitcoin and I expect Azerbaijani government will also issue a necessary law to regulate bitcoin activities.Not seeing the bitcoin deal you are looking for?bitcoin nvidia tesla trade advertisement in Azerbaijan or try with different search.best bitcoin casino redditBuy bitcoins online in Azerbaijan Seller Payment method Show more… Sell bitcoins online in Azerbaijan Buyer Payment method Show more… Buy and Sell Bitcoins in these popular cities in Azerbaijan City Trading Amountbitcoin lottery app

While recent global headlines have been dominated by chaos in Chinese and US equity markets, currency markets have also been volatile.The Azerbajiani manat, the national currency of Azerbaijan, has lost nearly 32 percent of its value practically overnight due to the falling price of oil.On December 18, the value of Manat recorded an all-time low against the U.S.dollar since January 13, 2006, plummeting from 0.96 down to 0.65.According to the Observatory of Economic Complexity, petroleum oils and gas exports in Azerbajan generated more than $26 billion in income, accounting for more than 90 percent of the economy’s entire revenue.litecoin pool feesDue to its heavy reliance on the oil industry, the abrupt price drop of crude oil and gas severely devalued the national currency of Azerbaijan, pressuring the central bank to implement currency flow restrictions and gain control of the foreign exchange market.bitcoin news 247

“Azerbaijan is an oil country, and countries like Azerbaijan cannot discount the factor of drop in the price of oil — the main source of their budget,” Ali Hasanov, said in an interview with the Azerbaijani Press Agency.“Everyone knows that oil prices in world markets won’t rise in the near future.” The unexpected devaluation of the manat has affected cross-industry businesses operating in the country and corporations dealing with international suppliers and partners outside of Azerbaijan.litecoin buy ukFinancial experts including Simon Mandell, senior vice president of Central and Eastern European, Middle East and African equities at New York-based frontier markets brokerage firm Auerbach Grayson, believe that the economy of Azerbaijan will continue to crumble amid the oil price slump and will affect the operations of existing businesses.Essentially, in the short term, businesses will attempt to avoid the use of the manat until it recovers from its recent price slump.

This could lead to disputes between its suppliers, international partners and its customers.Unfortunately, the manat, like many other reserve currencies in the world including the Nigerian naira are dependent on the performance of certain assets or industries such as oil, and will continue to become more volatile and unpredictable in the upcoming years.In these situations, it is beneficial for both companies and countries to use independent currencies with high and stable international value and exchange rates such as the U.S.However, many have suggested that bitcoin may be able to fill this role for trade and commerce both internationally and domestically.Historically, the price of bitcoin has not been closely correlated with the performance of other currencies or assets.Instead, its price is wholly dependent on the demand of its users and potential buyers as the supply of Bitcoin mined is fixed and predictable.Thus, if bitcoin is able to fill the role of as a store of value and as an independent currency, it could help developing countries such as Azerbaijan avoid financial issues regarding its currency.