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During an interview to local media, Economics Professor Adrian Civici shed light on the growing presence of cryptocurrencies in Albania. He highlighted that approximately 40,000 crypto wallets are in use across the country, signaling a notable increase in adoption.
Professor Civici emphasized that both the United States and the European Union are actively working on regulating the use of cryptocurrencies. He pointed out that the simplification of crypto concepts for the public has played a crucial role in the recent surge of interest. Over the past two to three years, efforts have been made to provide clearer insights into how the system works, making it more accessible to a broader audience compared to earlier times when it was confined to a narrow user base.
The proliferation of crypto usage can also be attributed to the expanding community of users. With a larger user base, a new market has emerged, bringing with it the challenges and uncertainties typical of nascent markets. Professor Civici stressed that what is needed now is legislation and acceptance from central banks and respective governments to facilitate normal usage. He highlighted that, currently, there is no case in Albania where one can make payments using cryptocurrencies.
Looking at the broader perspective, cryptocurrencies are viewed as a form of digital currency, and there is an ideological aspect to their rapid adoption. The expert mentioned that the acceptance and rapid spread of this system raise questions about why it gained traction so swiftly.
In addition to Professor Civici's insights, cryptocurrency experts Kadri Manaj and Denisa Kele shared their perspectives on the regulatory environment. Manaj emphasized that involving regulators will enhance security, and the moment for banks to fully embrace cryptocurrencies is approaching. Kele added that cryptocurrencies are being taken seriously by banks, indicating a shift toward a more mature perspective.
Regarding the future of Bitcoin, analysts suggest that it could potentially reach up to $80,000, showcasing the continuing bullish sentiment around the popular cryptocurrency.
On the regulatory front in Albania, Professor Civici discussed a legislative attempt in November 2021 to create a special law allowing for the licensing of cryptocurrency-related companies. However, the Bank of Albania has not yet expressed a legal decision, maintaining its position as a European central bank. Civici predicts that 2024 may be the year when this legislation consolidates, leading to the introduction of a digital euro and dollar by 2025. However, it is essential to note that these digital currencies are distinct from cryptocurrencies. While the crypto market in Albania is expected to continue to grow, the crucial turning point will be when the country allows for their practical use in everyday transactions.