BANK OF ALBANIA
Questions and answers at the Press Conference on 6 November 2019
Publication date: 06.11.2019
Question: A few days ago, a draft law was shared for public consultation on the use of cryptocurrencies in Albania. What is the position of the Bank of Albania regarding this draft-law?
Governor: We are also aware of the public consultation on the draft law that addresses this issue. Nevertheless, Bank of Albania has not received yet an official information on this draft-law, as it is in the phase of public consultation. We will surely present our opinion and will provide our comments regarding its effects. The Bank of Albania, first of all, is the responsible institution for the monetary policy, price stability and financial stability. So, we will see this draft law in view of our role as central bank, and specifically related to the benefits and the risks associated with cryptocurrencies, and other issues arising from this draft law. However, I would like to emphasise that we have not been indifferent. The central bank has continuously studied and monitored, like all central banks, these developments in international financial markets. This makes us think that we will need a broader consultation with international authorities, on the development of a draft law, and eventually a very good law, in order to prevent risks that would arise from these cryptocurrencies. On the other hand, we need to see the best opportunities that would benefit the Albanian economy, in relation to this draft law and ultimately a law. That's all we have to say for now.
Question: You have had a position, the Bank of Albania, not much in favour of cryptocurrencies. Does this mean that if the law introduces good novelties and is a positive one, the Bank of Albania would support it?
Governor: We have been neither in favour nor against; we have mentioned the problems and risks associated with cryptocurrencies, just like other central banks around the world. Cryptocurrencies are technological novelties, which are still developing. The technology the world is developing rapidly and central banks are developing their capacities in this regard. Of course, if we deem, note and assess that the draft law will bring about a novelty and the risks are manageable, we will agree. A law is able to regulate and prevent many risks. If this is the case and if we assess that the economy will benefit from it, we will support it. Nevertheless, above of all, we have to see the final draft law and then give our opinion and comments.