Why central bank of Armenia was urged to regulate cryptocurrency

[uptrendfinancialsignal]

The financial regulators in Armenia have been ordered to take drastic measures on the regulation of cryptocurrency in the country. Most of the cryptocurrency operating companies are not regulated in Armenia and the financial bodies have been called upon to take a drastic step in ensuring that the crypto space in amenia is regulated. This is perhaps one of the thing that is happening in the world today because most of the countries in the world are regulating cryptocurrency.

It is very important that we regulate the cryptocurrency so as to avoid illicit activities hidden under the decentralized space. Although, there are speculations that regulation of the cryptocurrency could result in defaulting the decentralization feature of cryptocurrency in general. It could make it a centralised system and it will forfeit the nature of cryptocurrency.

Central Bank of Amenia have been called upon to take drastic measures in ensuring that the cryptocurrency space or cryptocurrency community in Armenia is regulated.

So many experts have argued that the major cause of the dip in the price of cryptocurrency that we have been seeing presently is due to the global cryptocurrency regulation. This is actually what is causing a serious drop in the price of cryptocurrency.

 

[Lens1000]

Cryptocurrency is gaining traction in most of the countries of the world and this is exactly what I'd really making the crytpocurrency to grow at an alarming rate. The cryptocurrency activities in Armenia has increased tremendously and the importance of the use of the cryptocurrencies is so enormous. It was noticed that this particular space wasn't regulated and cryptocurrency is one of the space that has a high probability of been perpetrated by the cybercriminals to carry out different ypes of illicit activities.


The right thing to do is to actually try as much as possible to regulate the activities so as not to have adverse effects on the economy of the country. the call was made to reduce the criminality in the cryptocurrency and to prevent it to be used as an hideout for criminals. The cryptocurrency space is facing serious problems with the regulatory issues that is being inculcated into the crypto space because this particular issue has actually caused a lot of damage to the cryptocurrencies. The dip that is presently seen in the crytpocurrency space right now is because most of the crypto investor have lost confidence in the decentralization feature of the cryptocurrency space .

 

[Flow-er]

It is quite understandable that if a cryptocurrency in the country is not regulated it could give room for so many illegal activities and that is what the government did not want. This is the major reason why people are crying out loud to the appropriate body to see to the regulation of the cryptocurrency in that community. It is very important that they regulate cryptocurrency so that it will not be a hiding places for illegal activities or irregular activities.

This is what people have been using for so many times to perpetrate illicit act and it is not really good. The decentralized feature of the cryptocurrency has made many criticism to Spring up and many critics are not really in support of cryptocurrency because of thii particular feature
If you commit a crime using the cryptocurrency, you won't you will never be traced because it is decentralized and it is self-executed transaction that cannot be traced or tampered with. It is a clarion call for the international body to take this into cognisance because it is needed but on the other hand, this is not good for the crypto market because it is one of the major cause of the present dip in the cryptocurrency market.

 

[Lens1000]

It is quite understandable that if a cryptocurrency in the country is not regulated it could give room for so many illegal activities and that is what the government did not want. This is the major reason why people are crying out loud to the appropriate body to see to the regulation of the cryptocurrency in that community. It is very important that they regulate cryptocurrency so that it will not be a hiding places for illegal activities or irregular activities.

This is what people have been using for so many times to perpetrate illicit act and it is not really good. The decentralized feature of the cryptocurrency has made many criticism to Spring up and many critics are not really in support of cryptocurrency because of thii particular feature
If you commit a crime using the cryptocurrency, you won't you will never be traced because it is decentralized and it is self-executed transaction that cannot be traced or tampered with. It is a clarion call for the international body to take this into cognisance because it is needed but on the other hand, this is not good for the crypto market because it is one of the major cause of the present dip in the cryptocurrency market.

The need for cryptocurrency to be regulated is actually caused by lot of crimes that people are perpetrating using the cryptocurrency as a medium. This is why most of the government would not like to adopt the digital currency in their country because they did not want a currency that could not be controlled and would serve as an haven for crime. This is a major reason why most of the cyber criminals would receive ransoms in cryptocurrencies and will commit a lot of atrocities using the cryptocurrency for funding.

They knew that transaction done with cryptocurrency cannot be traced. This is a major problem that most of the countries are facing and that is why most of the countries would love to regulate cryptocurrency before it's been adopted. The regulatory scrutiny would ensure that it is controlled and it is not perpetrated by the cybercriminals.

The cybercriminals will always use cryptocurrency to carry out different kinds of activities that are not illegal, because it is believed that the decentralization of cryptocurrency has given them the room to do so . Regulating cryptocurrency would create more inclusiveness and eventually eliminate illegal activities around cryptocurrency for the protection of the crypto community.

 

[Flow-er]

The need for cryptocurrency to be regulated is actually caused by lot of crimes that people are perpetrating using the cryptocurrency as a medium. This is why most of the government would not like to adopt the digital currency in their country because they did not want a currency that could not be controlled and would serve as an haven for crime. This is a major reason why most of the cyber criminals would receive ransoms in cryptocurrencies and will commit a lot of atrocities using the cryptocurrency for funding.

They knew that transaction done with cryptocurrency cannot be traced. This is a major problem that most of the countries are facing and that is why most of the countries would love to regulate cryptocurrency before it's been adopted. The regulatory scrutiny would ensure that it is controlled and it is not perpetrated by the cybercriminals.

The cybercriminals will always use cryptocurrency to carry out different kinds of activities that are not illegal, because it is believed that the decentralization of cryptocurrency has given them the room to do so . Regulating cryptocurrency would create more inclusiveness and eventually eliminate illegal activities around cryptocurrency for the protection of the crypto community.

With all the irregularities that is found in the cryptocurrency space, it calls for the need for the government to regulate cryptocurrency. I do not blame the government that makes plan to create a regulatory framework for the cryptocurrency because it is has become the home for cybercriminals. What they do basically that they receive funds from external sources to perpetrate the illicit activities in cryptocurrency and it will be very difficult for the government to trace it. In my country, there is a particular insurgency that uses the fund from the external sources in crytpocurrency to perpetrate unlawful activities. This makes them to be stronger and they become stronger in such a way that they have overpowered the country's army and as a result they are perpetrating lot of illicit act because they have enough funds to carry out these activities. Recently, a church was attacked in my country and so many people were feared dead because of this insurgency and they were being funded in cryptocurrency from the external sources. That is one of the major ways why the government do not like to involve themselves in cryptocurrency related activities and they have deemed it fit to create a regulatory framework for it.