Albanian Central Bank Issues Bitcoin Warning, Appeals To Public to Be Mature

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Bitcoin and other cryptocurrencies have been making headlines around the world, and with the recent sell-off this week, more is sure to be said. Central banks and governments continue to make statements regarding the dangers of digital currencies, or, conversely, extolling their benefits.

The most recent bank to issue such a warning is the central bank of Albania. The bank issued a strong statement warning citizens that digital currencies were not under the direct purvey of the country’s banking sector regulations and that such vehicles carried extremely high levels of risk.

The Albanian authorities stated:

“We appeal to the Albanian public to be mature and responsible in the administration of savings or liquidity they possess. One should orient investments toward financial products and instruments offered by institutions licensed and supervised by the Bank of Albania and the Financial Supervisory Authority.”

The anonymity and decentralization provided by Bitcoin made nefarious activity not only possible, but probable, and the bank warned against the clear risks taken by those choosing to invest.

Bitcoin enthusiasts would clearly point out that a centralized bank is the very essence of what Bitcoin is seeking to distance itself from, and so a less than glowing review would be expected.

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[Tenderino]

I was expecting that central banks and governments will attack bitcoin as soon as it will become more famous.

Sadly, there are enough ignorant people out there who believe the warning nonsense!

Time to inform the Albanian people about the Fiat money fraud scheme of their central bank!

[joseafonso123az]

his is an expected outcome for the ever growing power of bitcoin. The reason they give about the nefarious criminal aspects, well, that already happens and it happened way before bitcoin exist. I think bankers and corporates don't want to embrace bitcoin because they won't be able to control anything, and also because they still don't have any clever idea on making bitcoin a way to make them even more bigger.

[alani123]

Albania went trhough a financial collapse due to pyramic schemes after communism. The public isn't quite educated on finance and it's only the recent generations that are getting access to information. Hopefully the central bank's announcement there won't turn people against bitcoin.

[daenarys_stormborn]

Bitcoin and other cryptocurrencies have been making headlines around the world, and with the recent sell-off this week, more is sure to be said. Central banks and governments continue to make statements regarding the dangers of digital currencies, or, conversely, extolling their benefits.

The most recent bank to issue such a warning is the central bank of Albania. The bank issued a strong statement warning citizens that digital currencies were not under the direct purvey of the country’s banking sector regulations and that such vehicles carried extremely high levels of risk.

The Albanian authorities stated:

“We appeal to the Albanian public to be mature and responsible in the administration of savings or liquidity they possess. One should orient investments toward financial products and instruments offered by institutions licensed and supervised by the Bank of Albania and the Financial Supervisory Authority.”

The anonymity and decentralization provided by Bitcoin made nefarious activity not only possible, but probable, and the bank warned against the clear risks taken by those choosing to invest.

Bitcoin enthusiasts would clearly point out that a centralized bank is the very essence of what Bitcoin is seeking to distance itself from, and so a less than glowing review would be expected.

is it factual? can you show the news or official articles that preach it, because too many hoaxes in circulation

[chesegrinder]

i know in the future that governments and bank will have a statement like and attack bitcoin as it is decentralized and have anonymity because they cant control it and it is a threat to them. People around the world are the living proof about bitcoin in terms of investment that have a huge profit unlike in banks. The make that statement because it is clear that they have no liabilities if we bitcoiner get scam or lose in or investment. If i were them they should join us to our out growing community and make a regulation in there country about crypto currency.

[ivrynx]

this is the first time I have heard of this, I think we need to do some research regarding this,I haven't read this article yet, I there is a link for this one. I would gladly read it. but basing it on this thread, I guess that Albania just want their people to be more financially literate, I think they want their people to check first, what kind of investments they are trying to engage in, but again, the warning comes from a bank, and as we all know, banks would do everything they can to stop the growth of bitcoin, because banks thinks they can control everything, and now that they don't have control over cyrptocurrencies, specifically bitcoin, thy can clearly see their downfall, why would you not be scared if you see a threat to your business. these bankers, clearly do not read the news nor update themselves, the Rothschild a banking family, bought bitcoins, but they didn't bought it all, have their own reason, why would central banks, not think of why the Rothschilds are in favor of bitcoin. I think instead of bad mouthing something that they cannot understand they need to study it first, and if the wan their public to be mature, they should take the first step and teach their countrymen on how to be financially mature, since what most of the banks only do is to sell you credit cards and promos, if you want to invest with them, they will still give a hard time, knowing that you will become and asset and not a liability, since you are  not a depositor, and why would they want to share the money they can earn with you. If you have the link, kindly post it, thanks.

[Pursuer]

they are way too late compared to the rest of the world!
all the central banks have already issued their warnings regarding bitcoin and cryptocurrencies and the risks associated with investing in them a very long time ago and they always refresh the memories about these warnings.

and they are fair warnings anyways. we all know crytpocurrency is a risky investment but some newcomers may not know this. and when they only see the "hype" and the big rises they may make some irrational decisions. these warnings may prevent some crazy stuff.

[barbara44]

they are way too late compared to the rest of the world!
all the central banks have already issued their warnings regarding bitcoin and cryptocurrencies and the risks associated with investing in them a very long time ago and they always refresh the memories about these warnings.

and they are fair warnings anyways. we all know crytpocurrency is a risky investment but some newcomers may not know this. and when they only see the "hype" and the big rises they may make some irrational decisions. these warnings may prevent some crazy stuff.

Basically, it is old news now and nothing different from some other Banks of the world. Honestly speaking, now I have a feeling like banks are terrified by crypto currencies, especially bitcoins (as it has the largest community) that's why they are making such moves. But you have shown a positive side of this also.

[maokoto]

Lol, so they warn the citizens with just the thing Bitcoin will say to promote itself into the eyes of the citizen: "not controlled by banks or central governments".

It is funny that the only thing they can say about Bitcoin to bring it down is their virtue.