Share this article

Armenian Central Bank Says Stay Away from Bitcoin

The Central Bank of the Republic of Armenia has advised its citizens not to use digital currencies such as bitcoin.

Updated Sep 11, 2021, 12:02 p.m. Published Dec 16, 2015, 12:00 p.m.
Armenia flag

The Central Bank of the Republic of Armenia has advised its citizens not to use digital currencies such as bitcoin.

The Armenian central bank told regional news service ARKA last month that, in its view, the use of digital currencies should be avoided due to a lack of regulation in the industry. The comments appear to be some of the first from the institution on the technology.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

The central bank told ARKA:

"According to Armenian legislation, virtual currencies, including bitcoins are not considered electronic money. This in view, the regulator calls on citizens to refrain from using them, given the absence of clear-cut approaches on this issue in international practice."

The central bank further clarified that it supports the use of "innovative payment instruments", provided they protect the interests of consumers, according to the news service.

Advertisement

The Central Bank of Armenia confirmed the interview took place on 24th November when reached for comment.

Central bank representative Hayk Kirakosyan said that the statements came amid an interview following the twenty-second anniversary of the country's national currency, the dram.

Armenian flag image via Shutterstock

More For You

This article is created to test tags being added to image overlays

Consensus 2025: Zak Folkman, Eric Trump

Dek: This article is created to test tags being added to image overlays

What to know:

  • Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.