Albania, new blockchain law. Rama: we want to define a regulated technology

 Albania is the first country to introduce blockchain technology for cryptocurrencies.

The primary minister, Edi Rama said in the occasion of the 41st international conference on privacy and the guarantee of privacy held yesterday to Tirana - that the governor of Albania has opened a public consultation for a new financial market law based on Blockchain technology".

The statements of Rama

"By opening a public consultation for this piece of legislation, we are also trying to open ourselves to the use of cryptocurrencies in a regulated framework, something that no one has yet done.

I'm not here to talk about Blockchain, I'm not a man of technology, but I don't think we must necessarily be scientists or technology addicts to understand that Blockchain, for the first time, has made possible any kind of interaction between two parties without the need of a third party or an intermediary.

It is evident that through Blockchain technology, we will have the possibility to give our systems the highest efficiency and security in the future. A country like Albania can offer a much more efficient way of remittances, reducing all costs and increasing the speed of interactions." - continued Rama.

Today in the world there is a lot of debate about cryptocurrencies in determining whether they are commodities (commodities) or currencies, while most financial market regulators have failed to regulate cryptocurrency activity due to their high recycling risks and tax evasion.

Risks highlighted also in the new bill, which states that:

"To take full advantage of this technology, but also to address a number of potential risks such as creating fraudulent schemes or the risk of using the virtual for money laundering, a comprehensive legal framework is needed to regulate this kind of activity."

The Blockchain in Albania

The conclusions of the round table - in which intervened besides Rama among others also the Italian former Prime Massimo D'Alema, and also the president of the Foundation of political culture "Italianieuropei" and Davide Casaleggio, president Casaleggio Associati - have therefore confirmed that the Blockchain technology could be the infrastructure enabling a model that allows full control over the management of personal data and therefore Albania could also be a model for other European states.

"A law to facilitate companies that invest in the Blockchain is an excellent direction to foster the development of a sector that is becoming strategic. It is estimated that by 2027, 10% of global GDP will be based on at least one Blockchain process. States and companies that want to intercept this value must invest today in this direction ". - emphasized Davide Casaleggio.
Albania, new blockchain law. Rama: we want to define a regulated technology Albania, new blockchain law. Rama: we want to define a regulated technology Friday, October 25, 2019 Rating: 5
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