The Albanian government has stated that it is planning a regulatory framework on cryptocurrencies in an attempt to diversify investment opportunities in the country, in an innovative sector that creates well-paying jobs.
Prime Minister Edi Rama said that cryptocurrencies, also known as virtual or digital currency, can create many opportunities even in a developing economy like Albania, which he says can become an attraction for potential investors:
"As part of our effort to open up new markets and create new opportunities for well-paying jobs and qualified people, we are exploring the possibility of creating a cryptocurrency regulatory framework.
“For the moment, we are evaluating and working on the drafting of a regulatory framework after conducting an in-depth analysis and study.
If the results are satisfactory, the willingness of the country to become a center for numerous potential investors who aim to be involved in this global finance revolution will also be promoted."- declared Prime Minister Edi Rama.
Bitcoin and other virtual currencies are already legal in several countries around the world, with the United States, Canada, Germany, Denmark, Japan and South Korea ranked among the best Bitcoin-friendly countries.
However, the Bank of Albania states that the activity of virtual currency operators is characterized by a considerable level of risk and insecurity, without full guarantees on the protection of customers from investment losses.
For this reason, the Albanian financial supervisory authority also informed investors that Albania has not granted a license to any company for issuing virtual currency.
Call centers acting as brokerage companies
Albania has already had difficult experiences with call centers operating as intermediaries, allegedly cheating investors in Albania and abroad. In fact, several unlicensed brokerage firms have disappeared without a trace after defrauding investors.
Last July, Albania launched a survey of dozens of call centers that allegedly operated as clandestine unlicensed brokerage firms involved in fraud operations, offering potential investors attractive rates of return on high-risk financial products.
The investigation came after an investigative media article identified at least 80 unlicensed brokerage firms operating in Albania, involved in foreign investor fraud and tax evasion.
Albania's financial supervision said it had requested the support of intelligence and prevention agents against money laundering to investigate suspected companies that could turn into a national issue and ruin the country's image.
Follow Albania News on Google News