YEREVAN, November 14. /ARKA/. Armenia’s Central Bank supports the use of blockchain technologies, but is cautious when it comes to the issue of cryptocurrency, the head of the Central Bank Artur Javadyan said on Tuesday in parliament.
According to him, the central banks around the world have a common approach concerning the use of separate cryptocurrencies. He said also that the latest G20 and G7 summits issued instructions to relevant authorities, including those fighting against money laundering, to regulate this market by law.
“The position on cryptocurrencies is still negative, because the risks are great. The point is not about mining, as mining is the production of cryptocurrencies. The point is about creating exchanges and implementing ICO, which may have an element of financial pyramids,” he said.
As for the blockchain and other advanced technologies, Javadyan said the Central Bank supports their use. According to him, the Central Bank of Armenia with the German KfW bank is already considering the possibility of implementing a new program by using these technologies.
Javadyan reminded that the Central Bank is responsible for the fight against money laundering, so it should be more cautious and conservative. According to him, when the international regulation of cryptocurrency is created, Armenia will have relevant law too to regulate that sector.
“At the moment, regulation on our part would mean facilitating dangerous processes. We protect our banking system from this and advise persons engaged in this activity to carry out transactions with cryptocurrencies through foreign accounts. And if individuals have profit, they will be able to transfer it to the local account,” he said. -0-
