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The first cryptocurrency in Azerbaijan, "Portcoin", has been canceled

Cəmil Hüseynzadə
03 August 2025 15:01
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The first cryptocurrency in Azerbaijan, "Portcoin", has been canceled

Portcoin (PTC) cryptocurrency, introduced by Mobile Payment Solutions LLC, known in Azerbaijan under the brand name “Portmanat”, has been officially canceled.

Portcoin was introduced in July 2024 under the “Special Regulatory Regime” of the Central Bank of Azerbaijan and was developed using the Binance Smart Chain-based blockchain technology with the BEP-20 standard. The cryptocurrency offered users the opportunity to buy, sell and exchange for manat through the Portmanat application.

According to the statement released by the company on social media, the test period has ended and a decision has been made not to continue the service. The information states that the funds in the users’ Portcoin accounts will be refunded in AZN equivalent according to the last determined exchange rate.

The company did not provide an official reason for the cancellation of Portcoin, but it is believed that this step was taken by the Central Bank.

Thus, Portcoin, the first official cryptocurrency initiative in Azerbaijan, was short-lived. The cancellation of the project once again shows how seriously the country regulates blockchain and digital assets.

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