Armenia is considering the issue of legalizing the cryptocurrency

The opposition bloc Armenian suggested that the draft to legalize cryptocurrency. In case of approval of the bill, Armenia will become the second after Belarus in the EEU country with legalized cryptocurrency transactions.

A proposal to legalize cryptocurrencies were made by Edmon Marukyan, MP of the opposition parliamentary faction «EFC» (Output). He presented the draft law «On digital technology», which presented his arguments in favor of legalization and regulation mechanisms of the cryptocurrency market. The essence is contained in two pages of the document is rather liberal: any natural person, the execution of 18 years and legal entities may engage in mining and crypto operations on the territory of Armenia. No permits and licenses are not required for this.

In addition, prior to 2024 mining cryptocurrency should be exempt from any taxes and duties, and also establishes different types of customs and other benefits.

Bitcoin in the financial market of Armenia appeared recently, and seriously declared itself only in 2015. The state with caution to the new currency, which is difficult to control.

The debate surrounding the legalization of cryptocurrency continues in many countries, the Eurasian economic Union, including in Armenia, and in 2015 the authorities openly warned their citizens from using bitcoin, at least until such time as implemented by government regulation. Before formally authorize the use of cryptocurrencies, the Central Bank of Armenia intends to examine the issues related to emission and circulation of virtual assets, as well as to master the practice of consumer protection in this market.

Cryptocurrency market, according to most experts – a double-edged sword. On the one hand it can be used for a good purpose, on the other hand will create opportunities for money laundering and terrorist financing.

Analysts suggest Armenian authorities not to jump to solutions in the field of cryptocurrency regulation. This can be facilitated by a special Commission set up with the involvement of all parties — experts, government, Central Bank and the opposition.

«It is necessary to clearly understand how cryptocurrency transactions are safe, and what could be the risks», — noted in conversation the expert of the Caucasus Institute Hrant Mikaelyan.

The scientist believes that Armenia is unlikely to achieve stunning success with the imminent legalization of cryptocurrency:

«In countries that have implemented them, financial or economic boom is not observed. In this regard, the rush is contraindicated.»

The cryptocurrency market reeling, says the expert, and in such a situation, to do hasty steps in this direction without a thorough analysis – «anyway, that walk the night with a bag of money on the edge of the abyss, and even blindfolded».

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