Web3 Armenia Foundation: Armenia Central Bank`s draft law on  cryptosphere benefiting other entities more than Armenia itself 

ArmInfo.The non-profit Web3 Armenia Foundation has issued an appeal regarding the draft law on the cryptosphere approved by the government. The statement from the Web3 Armenia Foundation's contains the full text of the appeal:

 "We urge the RA NA factions to vote against the government's  approved draft law on the cryptosphere.  Despite the warnings of the  crypto community in Armenia, the Armenian government proceeded with  the law  proposed by the Central Bank to regulate the sector. We  express our deep disappointment in this regard, as we have  consistently  tried to communicate our perspective to decision  makers. We reiterate that the Central Bank serves the interests of  other structures,  not the interests of Armenia as a whole.

If passed, this law will:  - Armenia's digital sovereignty will  suffer; - Armenia will lose its promising positions in the blockchain  market, which is considered the technology of the century; -  Opportunities for innovation will increase with the use of blockchain  technologies; - Citizens will suffer losses in favor of banks; -  Investors will leave Armenia, and no new international investments  will be registered," the Web3 Armenia Foundation's statement says.

In conclusion, the Web3 Armenia Foundation urges the factions of the  National Assembly of the Republic of Armenia to vote against the  bill: "And first of all, proceed from the interests of our state and  citizens.  The ball is in your court, make a decision in favor of the  state. We are ready to provide free professional advice on this  matter to any faction and MP."

 Let us clarify that the Web3 Armenia Foundation is an independent  think tank, unites Web3 pioneers, enthusiasts, startups, developers  and technologists. The Foundation's platform empowers through  knowledge-sharing, networking and collaboration, leveraging Web3  technologies. Focus areas: attracting investors, fostering  partnerships, and showcasing Armenian Web3 talents.  Web3 is a  concept for the next generation of the Internet based on blockchain,  enabling decentralization.  The main difference between Web3 and  Web2.0 is the shift towards decentralization, where users have  ownership and control over various Internet resources, instead of  relying on large monopolistic services.  The term was first  introduced by Ethereum co-owner Gavin Wood in 2014, and has gained  traction since 2021 among cryptocurrency enthusiasts, major tech  companies, and venture capital firms.