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The interest of Albanian customers to invest in crypto decreases

2024-05-09 07:17:00, Ekonomi CNA

The interest of Albanian customers to invest in crypto decreases

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The number of Albanian bank customers who choose to invest in cryptocurrencies has been decreasing.

At least this is what the National Risk Assessment report approved in December 2023, but recently published, estimates.

Where the document brings to attention the developments after the adoption of Law 66/2020 "On financial markets based on distributed ledger technology, which has as its object "the regulation of the emission of digital tokens and/or virtual currencies, licensing, monitoring and supervision of entities that exercise the activity of distribution, trading and storage of digital tokens and/or virtual currencies, agent of digital tokens, provider of innovative services and automated undertaking of collective investments".

Focusing on an analysis of the years 2019-2022, the report underlines that there are no entities licensed as providers of virtual tools, while its use as a means of payment is also difficult.

"Currently, in our country, there are no entities licensed as providers of virtual tools, but in this context, it is worth stating that: As a means of payment, it is difficult to implement in our country. For example, if the purchase of real estate is intended and cryptocurrency is available, this must be exchanged in advance to FIAT as payments must be made in this type of tool.

Even the Casinos inside do not offer the possibility of using cryptocurrencies. Services from a variety of professionals are accepted with electronic payments through cards and bank accounts, i.e. in popular currencies," the report states.

Meanwhile, the same one addresses that there are not frequent cases of investment by clients of Albanian banks of their funds in virtual assets, through platforms abroad that offer this opportunity, but the banks report that for virtual assets in the last year we have a decrease in requests of crypto transactions, this is due to the restrictive policies of the banks.

Despite the fact that in the country, at least formally, there is no dynamic cryptocurrency activity, the National Risk Assessment document acknowledges that there should be increased vigilance, as in other countries the potential vulnerability of the sector is significant.

"As mentioned above, from the data administered and analyzed, there were sporadic cases of using virtual tools (as a product) for money laundering.

However, the potential vulnerability of the system is significant, as it results in a number of other countries due to the characteristics and trends of this sector at the international level," the report underlines./ Monitor magazine.