Albania’s Cryptocurrency Regulation and Compliance: Experts Weigh In on Future of Digital Currencies
As the global cryptocurrency market continues to evolve, Albania is slowly but surely catching up with regulatory efforts. According to Economics Professor Adrian Civici, approximately 40,000 crypto wallets are now in use across the country, a significant increase from previous years.
Simplification and Growing Popularity
Civici attributed this growth to the simplification of crypto concepts for the general public and the expanding community of users. However, despite the growing popularity of digital currencies, Albania still lacks a clear regulatory framework.
The Need for Regulation
Civici emphasized that what is needed now is legislation and acceptance from central banks and governments to facilitate normal usage. Currently, there are no cases in which one can make payments using cryptocurrencies in Albania.
Experts Weigh In
Other experts, including Kadri Manaj and Denisa Kele, shared their perspectives on the regulatory environment in Albania.
- Kadri Manaj: Emphasized the need for banks to fully embrace cryptocurrencies.
- Denisa Kele: Noted a shift toward a more mature perspective among financial institutions regarding digital currencies.
The Future of Bitcoin
Regarding the future of Bitcoin, analysts predict that it could potentially reach up to $80,000, reflecting the ongoing bullish sentiment surrounding the popular cryptocurrency.
Regulatory Front in Albania
Professor Civici discussed a legislative attempt in November 2021 to create a special law allowing for the licensing of cryptocurrency-related companies. However, the Bank of Albania has yet to make a formal decision on the matter, maintaining its position as a European central bank.
- Predictions: Civici predicts that 2024 may be the year when this legislation consolidates, leading to the introduction of a digital euro and dollar by 2025.
Conclusion
It is essential to note that these digital currencies are distinct from cryptocurrencies, and Albania’s crypto market is expected to continue growing, albeit with a crucial turning point still on the horizon - allowing for their practical use in everyday transactions.