Armenian government discusses possible incorporation of blockchain

26.10.2017 | 14:29 Home / News / Fintech /
#Aleksandr Khachaturyan #blockchain #bitcoin
Executive Director of Center of Strategic Initiatives Aleksandr Khachaturyan stated that Armenian government considers the possibility of incorporating blockchain technology.

In an interview to Banks.am Aleksandr Khachaturyan particularly said that they are planning to create blockchain-based registries in near future.

“Transaction costs will reduce once we create a registry, where the information entered will be unchangeable. Besides, people will trust similar registries more, while the number of business risks will drop,” he said.

Touching upon the blockchain technology-based cryptocurrencies, Aleksandr Khachaturyan did not express any precise approach.

According to him, in the beginning bitcoin seemed quite promising to him and many other people, but later it turned out there were various issues and contradictory views on its application.

“It is a fact that bitcoin rates are rapidly rising. I visited Georgia 4-5 months ago to see the bitcoin “farm” there. 1 bitcoin cost USD 1200 when I was crossing the border and it cost USD 1290 when I was on my way to Armenia in the evening. The rate was even USD 4000 later, but it dropped after the negative announcements on bitcoin (by the way, bitcoin rate exceeded USD 6000 last week-editor),” Executive Director of Center of Strategic Initiatives remarked.

According to Aleksandr Khachaturyan, the incorporation of bitcoin entails some legal issues: Money Laundering and Terrorism Financing (MLTF).

“Usually we operate under precise concept of controlling. When we receive financial means, its origin and possible ties with MLTF are properly verified. Regulators can not control the mentioned aspects when it comes to bitcoin, which operates in decentralized system,” he stressed.

According to Executive Director of the center, there is a necessity for certain control in cryptocurrency circulation.

“Cryptocurrencies may serve as an efficient tool if state structures find solutions for at least dealing with MLTF issues; they should understand where the money comes from. Besides, it is important to provide the liquidity. For example, if I persuade you to buy bitcoin today without an opportunity to spend it in Armenia or convert to another currency, it will be a non-liquid asset for you,” Aleksandr Khachaturyan concluded.

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