Despite the increased global interest in cryptocurrencies, there exists no international consensus on how to regulate them. Berlin Economics invited Jens Münzer from the Federal Financial Supervisory Authority (BaFin) to give a presentation on the topic of regulation of cryptocurrencies, exemplified by German legislation. On December 2, the seminar was held in the Central Bank of Armenia with ca. 35 attendees from the CBA. Many interposed questions and a vivid discussion clearly demonstrated keen interest and current relevance of the topic.
The Armenian government wants to boost the IT sector and has opened a free economic zone with a centre for crypto mining. There are initiatives in Armenia to regulate cryptocurrencies only lightly, which would entail significant risks for the banking sector and the country’s reputation. Against this background, regulation of cryptocurrencies is of particular significance in Armenia.