Albanian President Ilir Meta has returned to the government with yet another law for review in regards to the financial markets based on bitcoin.
Has he returned to Parliament with a lengthy discussion in regards to this new movement as the head of state says that this level creates further space for money laundering as well as avoiding the fiscal obligations within the nation. The president further says that the adoption of this new law coming into effect will have an impact on the stability of the local currency in the nation.
Roughly translated from a report by Dita, the president said the following:
"In this case, it is time to reflect on the fact that the development of financial markets based on distributed registry technology requires the fulfillment of preconditions, in particular the addressing of weak corporate governance standards, and on the other hand strengthening the capacities of the state supervisory institutions of these markets, in order to face in time the danger that may appear. This is to increase the level of security of financial products and economic-financial stability itself, in defense of the public interest. "
It seems that the president is of the opinion that the adoption of laws in this area is still seen as a novelty within the country.
The president further said:
"Implementing such legal provisions, in a reality like ours, carries with it the risk of multiplying the negative risks that this innovation poses in developed countries. These risks can have social consequences for Albanian families and economic consequences, to the extent that they can shake the stability of the local currency, increase inflation or the exchange rate of the lek with foreign currencies."
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
