In Armenia, it was proposed to legalize the crypto currency market. If the bill submitted by the opposition is approved, Armenia will become the second state after the Republic of Belarus in the EAEC, where operations with virtual currencies will be allowed. This occurs at a time when the rate of the most popular crypto currency in the world – bitcoin, fell sharply, falling below $ 8 thousand.

Edmon Marukyan, deputy of the opposition parliamentary faction “Elk” (“Exit”), recently initiated the legalization of the market of the currency. His arguments in favor of legalization of the crypto currency market, he outlined in the draft law “On Digital Technologies”. In it, the mechanisms of market regulation are prescribed. The amendments proposed in the two-page draft law are the most liberal. In particular, the deputy believes that any natural or legal person who is 18 years old can engage in mining in the territory of Armenia. At the same time, for the mining, no permission is required, however, like licenses.

In addition, according to the draft law, before the entry into force of this law, and also after its entry into force, until December 31, 2023, mining operations are exempted from any type of taxes and taxation.However, other kinds of tax, customs or other benefits may be established for persons engaged in mining on the territory of Armenia, provided that equal economic competition between persons engaged in mining in this market is not violated.

“The adoption of the legislation on the mining of crypto-currencies is conditioned by the need to move forward, moving in step with the times,” the parliamentarian is sure.

The most popular crypto currency in the world, bitcoin, launched in 2008 in Japan and operating on blocking technologies, began to appear on the financial market of Armenia quite recently. More or less seriously, bitcoin declared itself in the Armenian market in 2015, to which the state immediately began to be apprehensive. Such a reaction could be expected for a currency that is not backed up, and it is also difficult to control.

From the countries of the South Caucasus, Georgia became the pioneer in the field of introduction and legalization of the digital currency. The technologies of blockade have been used for several years not only in private, but also in public spheres. There operates the first Bitcoin Farm in the region, and since 2016 issues with the registration of land rights of citizens and legal entities are carried out on the basis of blocking technologies. Meanwhile, in Armenia, many countries of the EAEC and even the European Union, there are still disputes over the expediency of legalization of the currency. Three years ago, in Armenia, transactions with virtual currency at the state level were viewed with great concern.

In 2015, the Central Bank of Armenia issued a special statement and warned citizens against the use of bitcoin, at least before the state introduces appropriate regulation.

“Virtual currencies, including bitcoins, are not legally considered electronic money in the territory of Armenia, therefore the regulator calls to refrain from using them, given the fact that at the moment there are no clear approaches to this issue in international practice,” – then stated in the Central Bank of Armenia.

Before officially allowing the use of bitcoin, the Central Bank promised to study issues of emission and turnover of crypto currency, as well as the practice of protecting the interests of consumers of such funds.