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The Central Bank of Azerbaijan and VISA signed an agreement on strategic cooperation to expand digital payments in Azerbaijan. The new strategic agreement will accelerate the development of non-cash payments in the Azerbaijani market, the introduction of innovative payment solutions, as well as through mobile devices, as well as the implementation of initiatives to expand financial literacy and inclusiveness.

The Central Bank of Azerbaijan (CBA) reportedly has no plans to issue a digital currency (CBDC), as it currently sees no prospects for its successful implementation. Governor Taleh Kazimov cited "challenges related to operations and financial sector stability".

"Central Bank of Azerbaijan (CBA) is preparing the concept of a digital manat [country's national currency], an expert of the National Payment Systems Development Division of the Payment Systems and Settlements Department of CBA Rashad Gasimov said during еру Fintex Summit 2022 [Finance and Technologies Expo is being held in Azerbaijan's Baku, on June 16-17], Trend reports."