Digital currencies and legal challenges

The cryptocurrency market is developing. It means that this relatively new business is becoming more popular around the world. Unfortunately, some people take advantage of this factor and are trying to use digital currencies for illegal activities.  However, it does not mean that authorities should ban the cryptocurrencies.

Governments should not ban the digital currency market. This move might prove controversial as in the modern world it will be hard to implement this ban. There are many ways how to support the crypto owners and people interested in the cryptocurrencies. Bitcoin, Ethereum, Litecoin, and other digital currencies can significantly affect the daily lives of ordinary people.

Privacy concerns, as well as other issues, made cryptocurrencies more attractive. It is not surprising as they have the number of advantages in comparison with fiat currencies. People should understand that with proper regulations digital currencies have a huge potential to contribute to the global economy.

Armenian IT Company and digital currencies

Armenia is a country in the South Caucasus. The country became independent in 1991 after the Soviet Union ceased to exist. It is a developing country. It is worth mentioning that Armenia is no stranger when it comes to the cryptocurrencies. In 2018, Prime Minister of Armenia Nikol Pashinyan and businessman Gagik Tsarukyan opened the crypto mining firm.

This mining farm is located in Yerevan, which is the capital city of Armenia. The local media outlet claimed that this is the biggest such farm in the world. The opening of such facilities is a big step forward for the local crypto miners.

Another news connected with crypto mining in Armenia happened on September 2019. This time it was the news of illegal crypto mining. According to the Armenian National Security Service, the IT Company broke the law by installing the crypto miners in the hydropower plant.

The local IT Company not only operated from the hydropower plant but also consumed 1.5 kilowatt-hours of electricity.

This news once more highlighted that countries should work harder to deal with illegal activities. However, such cases should not restrict the crypto miners who follow the laws and regulations in their respective countries.