The Central Bank of the Republic of Armenia has advised its citizens not to use digital currencies such as bitcoin.

The Armenian central bank told regional news service ARKA last month that, in its view, the use of digital currencies should be avoided due to a lack of regulation in the industry. The comments appear to be some of the first from the institution on the technology.

The central bank told ARKA:

“According to Armenian legislation, virtual currencies, including bitcoins are not considered electronic money. This in view, the regulator calls on citizens to refrain from using them, given the absence of clear-cut approaches on this issue in international practice.”

The central bank further clarified that it supports the use of “innovative payment instruments”, provided they protect the interests of consumers, according to the news service.

The Central Bank of Armenia confirmed the interview took place on 24th November when reached for comment.

Central bank representative Hayk Kirakosyan said that the statements came amid an interview following the twenty-second anniversary of the country’s national currency, the dram.

Armenian flag image via Shutterstock