This post was most recently updated on December 5th, 2018

Taking the example of other European countries like Malta and Espana the Albanian government is giving signals that there is a desire to turn Albania into a cryptocurrency friendly legislation country.

Government Studying The Cryptocurrency Opportunity

Yesterday 22 October a local news website Tirana Times reported about the Balkan country which like other issued warnings about cryptocurrencies, is now exploring how to set friendly regulations to incentivize new startups in cryptocurrencies and attract foreign investors like Malta did recently with the giant Binance which is more profitable than Deutche Bank – Germanys biggest bank.

Prime minister Edi Rama last weekend at a ceremony of the Albania-Italy offshore section of the Trans Atlantic Pipeline said:

“As part of our effort to open up new markets and create new opportunities for well-paid jobs and qualified people… we are exploring the possibility of setting up a regulatory framework on cryptocurrency which is a shocking novelty nowadays and where the opportunity to be innovative and set up a center of gravity for innovative financial markets is open for every country despite their level of development,” says Prime Minister Edi Rama.

It is important to note that Albania is struggling to fight corruption and organized crime. While many are leaving the country because of the lack of jobs and low wages, the “cannabis industry” flourished more in the last years. Even with help from US and EU to reform the Justice system in the country, yet no big fish has been captured from Albanian prosecutors.

But let return to Bitcoin, the government aims to open new opportunities and create new jobs with high payrolls for qualified people. While e the regulatory environment is non-existent, Albania plans to test first things locally and if results are good enough then to move forward internationally aiming to be a cryptocurrency hub in Europe.

Prime minister Rama stated:

“For the moment, we are assessing and working on the drafting of a regulatory framework after having conducted a thorough analysis and study,” “If the results are satisfactory, then we will promote even outside Albania, the country’s willingness to become a hub for numerous potential investors that target getting involved in this revolution of global finances.”

It is important from a developing country like Albania to embrace new technologies like blockchain and cryptocurrencies and create a friendly environment for this industry to benefit from that.