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Central Bank of Albania announced risks related to cryptocurrencies warning country citizens

17 July 2017 06:51, UTC

The Central Bank of Albania issued a public announcement listing 5 main risks related to use of crypto currencies by citizens.

So, according to the Bank of Albania, the most significant risks of using digital currencies, namely, Bitcoin, are the following:

  1. Instability of digital currency values which could result in significant losses for investors.

  2. Lack of regulations of cryptocurrency exchangers that can also lead to losses.

  3. Exchange platforms are vulnerable to cyber attacks.

  4. Possibility to use cryptocurrency for financing of terrorism and other illegal operations.

  5. Unsafe transfer of personal data of cryptocurrency exchange users for their digital identification.

According to the Bank report, everybody involved in cryptocurrency use does it at its own risk and peril. The chief financial regulator of the country also asked the Albanian population to be prudent in managing their savings.