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How to buy cryptocurrency in Armenia


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16.08.2022

Today, on the Internet, you can find a lot of information about cryptocurrencies, but nevertheless, there are a number of issues that need clarification. Let’s figure it out together!

Until recently, you may not have come across the topic of cryptocurrencies so often, but it seems incredibly popular now. In the modern world, cryptocurrencies are promoted and advertised everywhere.

When the first cryptocurrency (Bitcoin) appeared in 2009, it seemed that one could live quite calmly without being interested in the latest news from the crypto world. In today’s world, however, cryptocurrency has gained such economic power that it has become simply impossible to ignore its existence!

As cryptocurrency became mainstream, it triggered an extraordinary discourse. Cryptocurrency lovers think that it will save the world, while the biggest skeptics are convinced that this whole scam is an environmentally damaging speculative bubble that will likely collapse the economy when it bursts.

Our goal is not to convince you that cryptocurrency is good or bad, we will just help you clarify for yourself some issues related to the topic of cryptocurrency.

What is the actual use of cryptocurrency other than financial speculation?

Currently, the scope of cryptocurrency is mainly related to finance or related areas. For example, people use cryptocurrency to send cross-border money transfers to family members abroad.

Some sites of technology companies and e-commerce (AT&T, Microsoft, Overstock, Rakuten) provide an opportunity to pay with cryptocurrency for a purchase . Car dealers also began to provide their customers with this opportunity.

The crypto boom has also led to experiments outside the financial sphere.

How to buy cryptocurrency in Armenia?

Buying bitcoins and other cryptocurrencies in Armenia is a simple process, and usually does not take much time.

With the expansion of the crypto market, the opportunities for buying cryptocurrencies also increase. In Armenia, you can buy cryptocurrencies through exchanges, P2P exchangers and cryptocurrency wallets.

There are exchanges that differ in commission, security, payment methods and other functions.

Several buy and sell options are also available without verification on P2P exchanges, although they are much less convenient for beginners and are recommended for more advanced users.

There are also reliable cryptocurrency exchangers in Yerevan, through which you can buy/sell cryptocurrencies at the most current rates and profitable commissions.

Are digital assets regulated by law in Armenia?

In some countries, cryptocurrency exchanges such as Coinbase are required to register as money senders and to follow laws such as the Bank Secrecy Act, which requires them to collect certain information about their customers. Some countries have made the rules stricter, while others, like China, have made it illegal to trade cryptocurrencies at all.

But, compared to the traditional financial systеm, cryptocurrency is very poorly regulated. There are several rules governing cryptocurrencies, such as «stablecoins» — coins whose value is tied to the currency supported by the state — or even clear instructions from the Internal Revenue Service on how to tax certain crypto investments. And some areas of the crypto world are almost unregulated.

Partly because creating new rules takes time. But it’s also a feature of blockchain technology itself, much of which has been designed to make it difficult for governments to control.

There is currently no legislative regulation of digital assets in Armenia. However, the use of digital assets continues to gain momentum.

FAQ

How to cash out cryptocurrency in Armenia?

In Armenia, you can exchange cryptocurrency for traditional money using cryptocurrency exchanges, P2P exchanges, exchange for personal acquaintances! Read more in our article.

How to choose a cryptocurrency exchange service in Armenia?

When choosing a service for exchanging cryptocurrencies for fiat money, you must be extremely careful not to be deceived by fraudsters. Our tips on how you can choose a reliable crypto exchanger in Yerevan are presented in this article.


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