Armenia has potential for integration into cryptocurrency markets, but needs a balanced policy - expert

YEREVAN, September 3. /ARKA/. Armenia has good prospects and great potential for integration into international cryptocurrency markets, but needs a balanced, targeted policy, said Andranik Togramajyan, head of the digital finance division of the Cilicia business club, in an interview with ARKA news agency.

"So far, at the highest level, they are trying to bring this segment into line with European standards as much as possible. But, unfortunately, we are not Europe in terms of market volumes," he said.

Responding to the question about the areas in which cryptocurrencies are most effectively applied in Armenia, the expert named the public procurement sector, where additional transparency is needed, export-import activities with partners, where a digital history of transactions is required, as well as attracting investments, explaining that many are already receiving investments in cryptocurrency from different countries.

"Armenia has a very strong trading school. Despite the small size of the country, we occupy a significant place in the CIS in terms of the number of crypto traders. They show very high volumes, and all the exchanges know about it,” he said, adding that we are talking about multi-million volumes.

At the same time, Togramajyan is confident that Armenia can become a regional hub for blockchain technologies, but at the same time he pointed out a problem.

“We cannot become a hub in just one area. We need a targeted policy with the participation of all players - from the ministries of economy and finance to the Central Bank and the highest political leadership. Unfortunately, we do not see such a desire in everyone yet,” he concluded.