The Armenian Central Bank discourages the use of Bitcoin

Governmental views tend to vary when it comes down to cryptocurrencies, yet the list is divided into two main categories: countries which are either neutral or embrace bitcoin, and countries against it, respectively.

Recent reports indicate that the Central Bank of Armenia has issued a press statement, advising its citizens to stay away from cryptocurrencies like Bitcoin, due to the current lack of regulation on the industry.

According to the Central Bank, their main concern is the safety of its population, therefore to stay away from risks, the people are encouraged to not get involved with bitcoin.

The comments, made during an interview meant to mark the 22nd anniversary of the country’s national currency, the dram, are some of the first from the institutions on the technology.

“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.”

While the bank reportedly supports the use of innovative payment instruments, they also wish to protect the interests of their customers, and only encourage platforms which do not present any viable risks.

Based on everything that has been outlined so far, what do you think about the views of the Armenian Central Bank on Bitcoin? Let us know your thoughts.