The Bank of Albania has issued a warning against investing in digital currencies such as bitcoin and ether, Tirana Times reported.

The warning comes amid reports of unlicensed operators using aggressive marketing techniques to lure potential investors invest in bitcoin. The central bank said that the existing legal and regulatory network does not envisage such activities, adding that investors and users are exposed to a number of risks.

“The Bank of Albania has licensed no financial operator whose activity involves the use of virtual currencies. As a result, every company that is involved in these operations in the Republic of Albania is not licensed and its activity does not comply with the regulatory and supervisory framework of the Bank of Albania,” says the central bank.

Highlighting the risks involved in the activities of digital currency operators, the Bank of Albania said that there are no full guarantees on the customers’ protection from investment losses and involvement in such activities is the responsibility of an individual. The bank also noted that the anonymity feature of digital currencies could lead to their use in criminal activities, including money laundering, terrorism financing or smuggling of goods.

“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 central bank said.

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