Armenia’s Central Bank advises citizens to stay away from Bitcoin

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

     The Central Bank of Armenia told regional news agency ARKA last month that in its view, the use of digital currencies should be avoided as much as possible due to the lack of regulation in the industry. This appears to be the first time the Central Bank of Armenia has commented on digital currency technology.

     “According to Armenian legislation, virtual currencies, including Bitcoin, are not considered electronic money. Therefore, the legislator calls on citizens to avoid using them, while there is still a lack of clear and unambiguous solutions to this issue in international practice,” the central bank representative told ARKA.

     According to ARKA, the central bank representative further explained that they support “innovative payment instruments”, but these instruments must be able to protect the rights of consumers.

     The Central Bank of Armenia confirmed that the interview with ARKA took place on November 24, and that ARKA took the initiative to contact the central bank and hoped that the central bank would comment.

     Central Bank representative Hayk Kirakosyan said he made the statement during an interview following the 22nd anniversary of the Armenian national currency, the dram.