We Do Not Promote Cash Transactions of Cryptocurrency: Mher Grigoryan

No one, especially in Armenia, is against the promotion and development of digital assets. Digital assets are the future, and one day money will ultimately become a digital asset; this is the outlook. On the other hand, the issue is more about how much the asset owner can be identified, or how feasible it is to realize that.

This was stated today by the Vice Prime Minister of Armenia, Mher Grigoryan, during a question-and-answer session in the National Assembly, responding to the question of Arman Yeghoyan, a member of the 'Civil Contract' faction, regarding the sale of cryptocurrencies. The parliamentarian reminded that the National Assembly has passed a law prohibiting the cash sale of cryptocurrencies from January 2026, and therefore, it can currently only be done cashless.

Moreover, according to the parliamentarian, experts in this field claim that there is a Central Bank circular that does not encourage cryptocurrency dealings by commercial banks. The Vice Prime Minister clarified that in reality, the regulations of both the Government and the Central Bank do not relate to the circulation of cryptocurrencies or digital currencies at all. Furthermore, there is a desire for the Civil Code to fully recognize cryptocurrencies and crypto-assets as full property circulating in Armenia. However, in the case of the circulation of crypto-assets, traceability is not visible, which creates problems.

The Vice Prime Minister also addressed the draft law related to cryptocurrencies adopted by the National Assembly, discussing the associated 'risk', namely, the damage caused to the fiscal system. He stated: 'If the purchase occurs cashlessly, it means that at least that trade is somehow recorded in the fiscal domain, and to some extent, it becomes traceable at the payment stage. When it happens in cash, it is no longer possible to identify the buyer or seller or in any way see where the money has ultimately gone. This is the problem.'

He added: 'Naturally, we will be very careful and do everything to ensure that our regulations do not hinder, especially mining. This is excluded because we want mining to take place, especially in the case of energy surpluses. Additionally, mining itself is a very good tool to balance the consumption of our energy products. However, in any case, in terms of circulation, yes, it is a challenge and will remain on our agenda and yours because I do not think there will be consensus to keep the owner of the property offshore or in an invisible zone.'

Summarizing his remarks, the Vice Prime Minister concluded, 'No one has prohibited cash, but we do not promote cash transactions, and I believe we should systematically do everything not to promote them; otherwise, the fiscal system becomes very vulnerable.'