Albanian Central Bank Issues Warning to Cryptocurrency Investors

Albania's central bank calling on potential investors to avoid investing in cryptocurrencies.

AccessTimeIconJul 14, 2017 at 6:06 p.m. UTC
Updated Sep 11, 2021 at 1:32 p.m. UTC

Albania's central bank calling on potential investors to avoid buying digital currencies, according to a new report.

According to the English-language weekly Tirana Times, the central bank stated that it hasn't issued any licensure to businesses brokering or exchanging digital currencies in Albania.

"As a result, every company that is involved in these operations in the Republic of Albania is not licensed and its activity does not comply with the regulatory and supervisory framework of the Bank of Albania,” the bank reportedly said.

It's a missive that largely echoes those issued by other central banks in the past several years. In some of those cases, investors were warned to avoid specific digital currencies, including bitcoin or Onecoin, the latter of which has earned the particular ire of central banks and regulators worldwide.

As with officials at institutions like the Central Bank of Armenia, Albania's central bank suggested that investors avoid buying digital currencies, pointing to more regulated products instead.

"One should orient investments toward financial products and instruments offered by institutions licensed and supervised by the Bank of Albania and the Financial Supervisory Authority,” the message stated.

It's unclear at this time which businesses in Albania would be effected should the central bank move to enforce its stance more concretely, though LocalBitcoins lists a handful of traders in cities including Tirana and Elbasan.

Albania map image via Shutterstock


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