Cryptocurrencies are electronic money that, unlike other currencies such as euros, lek, or dollars, which are issued and managed by the Central Bank, are managed by individuals in this case. It is the producers themselves who influence the increase in the value of cryptocurrencies. This market has recently started in Albania. But is it legal and how does it work?
“It is a consolidated market, meaning there are many people who have a portfolio and deal with cryptocurrencies daily. From a legal perspective, we are at the initial steps. There is a law that allows the use of cryptocurrencies that can be bought and sold, but all the necessary facilities are missing. There are always issues with banks, and those who are new and want to enter the market have found it impossible to access it because bank cards have not allowed it,” says Denisa Kele, an IT expert.
In Albania, to produce cryptocurrencies, one must have a license. However, so far, there is no data on this, and on the other hand, for 2024, the state police have carried out several operations arresting individuals involved in virtual currencies.
“What saddens me and surprises me is why those responsible for regulating this market are in a state of sleep and why they don’t regulate this law and make all the facilities functional so that Albanians can be part of this world. These are funds that would go into the state budget through taxation of individuals who profit,” says the expert.
The main advantages of cryptocurrencies are the minimal transaction costs and the significantly faster time to send money. Donald Trump, after his inauguration as president, is one of the richest people in the world following the launch of his cryptocurrency worth $43 billion.