One can be for Bitcoin or against Bitcoin, but one cannot deny that works, and the amount of companies, jobs, industries, investments that have come into this space over the last two years are just blowing everyone’s minds.
A delegation of Bitcoin experts led by Nick Spanos, CEO of Blockchain Technologies Corporation has arrived in Armenia to discuss the prospects for cryptocurrency innovation in Armenia.
“We have come here to explain the possibilities of blockchain, cryptocurrencies and their technology, to help the country assimilate to the new financial structure occurring now in the world, especially countries that have developers and scientists,” Nick Spanos told reporters in Yerevan today.
The experts have come to Armenia to explain to everybody how wonderful a technology the blockchain is, how it can create jobs in the country and how it can bring the country to the forefront in this incredible new age.
“We see a great potential in your country, which is well integrated into new technology in comparison to many other countries. We have also come here to show some of our technology. First, we have to explain the blockchain, the technology of bringing real-world data to the blockchain,” Spanos said.
Bitcoin is always said to be used for malicious purposes. Spanos says that Bitcoin cannot compete with cash when it comes to money laundering, financing terrorism and tax evasion.
“Cash is the money laundering king that also funds terrorism. Bitcoin is traceable, you can go back and trace every Bitcoin transaction in the world from the first one. The cash you have in your purse, you don’t know where it was last night or the night before,” he said.
Asked about the risks of volatility of Bitcoin price, Spanos said he is not worried about the rate going down in the long run, because there are only 21 million Bitcoins that are ever going to be released from the blockchain, unlike many currencies.
He said Bitcoin is not a currency, but it can act as a currency much better than any other currency
Accompanying Mr. Spanos are international technological experts, including: Hamdan Azhar, former lead data scientist at Facebook, and chief scientist at Zap.org; Peter Mikkelsen, founder of the Nordic Blockchain Association and guest lecturer at the Copenhagen Business School; and Anthony Librera, a logistics engineering expert and company commander in the US Army Reserve.
The Armenian Central Bank is closely following the developments in the field but is not going to somehow regulate it.
According CBA Spokesman Harutyun Kbeyan, those engaged in cryptocurrency transactions bear all risks, because the field is not regulated by law.