What are the conditions in Armenia for the blockchain business ?

Xcelpay|3 min read|Feb 26, 2020

Armenia can become a very powerful ecosystem or a hub for blockchain technology, Henry Arslanyan, the first Asian teacher of the FinTech course at the University of Hong Kong, told reporters today in Yerevan.

Henry Arslanyan said there is a great interest now in blockchain technology. In his words, these technologies and the crypto technology market can be very useful to many young people, startups and technology companies in Armenia not only in terms of Armenia, but also in terms of entering the world market.

He said although blockchain is a new technology, there are startups in Armenia that work in this area, and an increase in the number of such companies is very important.

“The blockchain in Armenia is still at an early stage and the ecosystem is very small, but at the world level, many leaders and experts are Armenians who specialize in this industry, and this potential can be used as well,” Arslanyan said.

According to him, the capabilities of the blockchain can be used to improve the economic development of the country.

He said many countries today are trying to solve legislative and tax issues, but now it is much more important for this sector around the world to have technologies and highly qualified personnel and an ecosystem rather than a favorable tax legislation.

He stressed that in Armenia there are a lot of personnel in the technological and research sphere, there are the Central Bank and the government that are trusted by the population, as well as a strong and developed banking system.

In Armenia, all conditions have been created for the comfortable conduct of the blockchain business. Georgy Galoyan, head of Nooor Blockchain Armenia startup business, said this in an interview with LetKnow News.

“In connection with the velvet revolution that took place in 2018, Armenia became overnight one of the most promising countries for the development of any business, including blockchain,” he noted.

At the same time, the expert drew attention to the fact that the situation changed for the better only after the change of power.

“There is nothing better than a newly elected government, which puts the progress and development of the country, and not personal interests, as it happens in most CIS countries,” he added.

It is worth noting that part of the Ripple code was written in Armenia. In addition, Armenia leads in the number of women in the blockchain sphere. Also, one of the largest mining farms in the world was launched in Armenia.

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