Great Leader of Azerbaijan, Haydar Aliyev
The "AzCoin" is in no way an alternative to the paper and iron currently used, and cannot be used as a payment instrument or subject of purchase until officially authorized by the Authorities. This electronic currency is regulated in parallel with the classical payment means, which is based on the social status and development speed of the society. The “AzCoin” will play the role of new payment tool in the future. This is a new epoch of payment method which uses and has historically been used to meet domestic, shopping needs (barter method, iron and paper nominal). Heretofore, wireless telephones, manual calculators, printing machines have been used in the world but now they all transformed to smartphones, electronic calculator, computers and these kinds of other devices grew so rapidly that showed the coming period of electronic currency. Nowadays, the mailboxes are also electronic base and the fast growing technology influenced to e-mails, messengers and WhatsApp. The “AzCoin” system is currently being developed as a pilot project and is provided with algorithmic sequence, as well as other essential technical support mechanisms will enable it to be implemented in the future.
Today, Azerbaijan is known as a first challenge made the country in the worldwide. This tendency and the projects that take place successfully are the new experiences even for other leading countries. The creation of the “Azcoin” will continue this tradition and the strategy will be not only the first crypto currency among Commonwealth of Independent States (CIS) but also Countries base unique currency, too. Currently, the “AzCoin” system works like a pilot project and in the future, it will be equipped with a multi-functioned mechanism.
The “AzCoin”s keep in the E-wallets. Recently, the E-wallet is available for all smartphones and it regulates with specific programs. The access to the E-wallet is possible only with unique code that defines a user and all financial operations (product shopping, money transfers, coin exchanges, coins to classic currency exchanges, gradually other operating systems that will be programmed) will perform with this wallet.
Compare with other crypto currencies the “AzCoin” is a part of a financial system of the State, which is the e-payment tool between consumers (seller and buyer) that regulate due to State legislation. The confidentiality seriously keeps during operations with the “AzCoin”. The system itself will provide parallel development of all areas by analyzing them and will prevent expenses to rise, as well as managing financial and credit policies over real analytical analyzes.
At present one of the main difficulties is to have no control on consumer’s daily, monthly and yearly expenses. The “AzCoin” will create an accurate accounting system on the social and household part of our lives.
We will direct our lives more efficiently by obtaining simple control over our daily, monthly, and annual expenses. The smartphone loaded digital wallet in our pocket will regularly inform us about our expenses and we will be able to create a personal accountability system by defining the yearly total amount of the usual and minimal costs.
The concept of micro payments will be gradually formed in our society. So, still there are restrictions created by the current financial system that make obstacles to the successful implementation of microfinance and the creation of new types of services.
The “AzCoin” gives us simple and fast transaction opportunities. This digital currency allows us to make the most ordinary payments. There is no need for bank cards after the “AzCoin” application. Everything is just as simple as the one smartphone operation. Even money transfer will be possible with "Messenger" (Tencent, QQ, WeChat). It is also possible to use this system through QR codes during shopping at the supermarkets. During this process, the QR code of your smartphone system will quickly reads and sends the appropriate amount of money from your wallet.
The “AzCoin” is a system that has been created using existing resources and bridging over the future figures by combining new technological innovations by it. The durability and sustainability of the “AzCoin” result from accurate mathematical calculations and algorithmic sequences. This electronic currency, we may call the "experience of Azerbaijan”, will also be able to regulate issues such as accurate analysis of figures.
Compare to other crypto currencies the “AzCoin” is created to support the State economic policy and development of Azerbaijan. Besides, it will guarantee integration to the globalized world of Azerbaijan Nations.
The “AzCoin” system like a daily currency has the potential to be applied in all areas and their diversity sectors. The national electronic currency will be a powerful system that will cover from welfare services to all large-scale manufacturing and industrial sectors.
The “AzCoin” will take a special place in the public sector. So, it will create a revolutionary return on financial, credit and payment systems like a leading State economic policy tool.
The “AzCoin” system and Innovative "Blockchain" technology will give us the following advantages:
- ensuring process efficiency by creating bridges between economic, psychological and digital analyzes
- the initial use of “Blockchain” technology, which collected by different spheres of Science
- the preparation of ranking chart of innovative areas with “Blockchain” technology
- creating new tendency on virtual volunteerism and freelance system
"Azcoin will be the fastest and most reliable digital currency of Azerbaijan"
"The AzCoin" is a new technological innovation for the development of Azerbaijan and the future of our country youth..."
The monetary and currency policy determines by the Central Bank and the Financial Markets Supervision Chamber of the Country. The circulation process of monetary currency is the only part of the functions of the Central Bank (see: Law on Central Bank - Articles 5, 20, 36.3, 37.2, 38.1 http://www.e-qanun.az/framework/5530).
Implementing the functions, to assimilate competency of the Central Bank and the Markets Supervision Chamber (see: http://www.fiu.az/aze/umumi-m%C9%99lumat/ ) creates serious criminal liability with relevant articles of the Criminal Code of the Republic of Azerbaijan.
In case of abuse of citizens’ trust, by means of creating various "companies" under the name of organizing virtual financial networks and electronic currency circulation, are the acts which will be liable for the relevant articles of the Criminal Code regarding fraud.