Mher Grigoryan: Cash circulation in  crypto sphere seriously hits fiscal system

ArmInfo. Armenia is not opposed to stimulating and developing digital assets, as they are the future, and ultimately, money will become a digital asset. Deputy Prime Minister Mher Grigoryan stated this during a government hour in  parliament.

He noted that, in reality, government regulation does not currently apply to the circulation of cryptocurrency, a digital asset. Moreover, the authorities want the Civil Code to fully recognize crypto assets as legitimate property circulating in Armenia.

However, according to the Deputy Prime Minister, identifying the owner of such property is crucial in this area. "If cash circulation remains in the crypto sphere, it means we are dealing a serious blow to the fiscal system. Transactions involving cashless payments are traceable based on  the payment record, whereas cash transactions make it  difficult to identify the parties involved or track the flow of funds. However,  we will be careful that our regulations do not impede mining, as mining is a good tool for balancing energy consumption and production," he added.

Grigoryan expressed skepticism  about reaching a consensus on the issue of property ownership remaining undisclosed or offshore. "Those involved in crypto assets should comply with the existing regulations. No one has banned cash payments, but we do not encourage them either. Otherwise, the fiscal system will become extremely vulnerable," he noted.