When Can Cryptoassets Be Used for Payments in Armenia? Details

In Armenia, payments can be made with cryptoassets only if it is registered as electronic money. This was stated by the Deputy Governor of the Central Bank, Armen Nurbekyan, during a meeting of the Standing Committee on Financial-Credit and Budgetary Affairs of the National Assembly.

"The regulatory model does not provide for the possibility of using cryptoassets for payments within the territory of Armenia, except for those considered electronic money. This means that before this, there was the possibility of having an electronic wallet, and only payments could be made with them. If there is electronic money whose technology is crypto, specifically decentralized technology, then it can serve only as a payment method. In other cases, it will not serve as a payment method," he stated.

According to Nurbekyan, it is not possible to make payments with Bitcoin, but if there is an electronic wallet based on decentralized technology, i.e., actual crypto technology, then it is permissible.

"In other words, there must be electronic money for you to make a payment, but you cannot buy a house or sell a car with Bitcoin in Armenia, nor can you exchange it to bypass that part. The legal means of payment in Armenia is the Armenian dram, and just as you cannot pay in US dollars, you cannot pay with any other means either. In fact, at the moment you make a payment, the first transaction is an exchange, meaning that you exchange for drams, and then you pay. The only exception in Armenia was the case of electronic money," the Deputy Governor of the Central Bank elaborated.