YEREVAN, MARCH 1, ARMENPRESS. The Armenian government didn’t approve the bills on making changes and amendments in the law on ‘Development of Digital Technologies’ and ‘State Registration of Legal Entities, Separated Subdivisions, Enterprises of Legal Entities and Individual Entrepreneurs’, reports Armenpress.

Minister of economic development and investments Suren Karayan said the bill defines the ‘miner’ concept, sets tax privileges for miners, as well as envisages requirements in terms of their registration. The minister added that the bill doesn’t contain legal norms regulating the field. “The bill only relates to the mining procedures, the release and sale of cryptocurrencies, whereas the digital technologies are broad concept. Therefore, the adoption of the bill regulating the cryptocurrency field is inappropriate taking into account the international stance on this issue: most of the leading countries urge to refrain from the deals with cryptocurrencies”, the minister noted.

He said the global experience showed that the effective management of this field is impossible in practice: no country or international organization has developed concrete and complex actions for management and control of cryptocurrencies that will allow to effectively restrain and manage the risks typical to them. “The adoption of the bill is not appropriate taking into account several risk factors, such as the money laundering, terrorism financing, fraud, hacker attacks, violation of consumer interests, high fluctuations in cryptocurrency prices”, the minister said.

English – translator/editor: Aneta Harutyunyan