ArmInfo. In an unpredictably changing world, where trade tensions are intensifying and inflation is making a global impact with renewed vigor, public debt, especially in developed economies, has reached unprecedented levels.
Taken together, this presents a challenge to economic policy for an entire generation, shaping a new world order - less stable and less certain than at any time in recent decades. Martin Galstyan, Chairman of the Central Bank of Armenia, made tis statement when addressing the Doing Digital Forum on April 8.
He also noted that it would be a mistake to view the current situation solely through the prism of risks, and that it is worth considering opportunities as well. In this situation, he said, Armenia can take the position of not just a passive observer or victim of these processes, but a full-fledged, real bridge for markets, ideas, and opportunities between continents. Galstyan noted that everything depends on two complementary areas that correspond to Armenia's strategic advantages: ensuring sustainable macroeconomic stability and developing a financial and digital architecture that facilitates the unleashing of these opportunities.
Galstyan said that in a world increasingly vulnerable to shocks and unpredictability, macroeconomic stability should become Armenia's most important strategic asset. "A long-term stable macroeconomic environment is a key foundation for improving the well-being and quality of life of the country's population," he emphasized.
Despite the challenges, according to the head of the Central Bank, Armenia has successfully maintained stable economic growth and inflation in recent years. He emphasized the importance of a well-capitalized banking system, liquidity buffers, and historically low inflation in ensuring financial stability. Additionally, he highlighted the significance of developing the appropriate financial and digital architecture-that is, an infrastructure that would enable the private sector to drive innovation and position Armenia as a bridge for ideas and opportunities between different markets and continents.
"Based on macroeconomic stability, we have taken significant steps to create a more innovative, dynamic, and resilient economy and financial system to future challenges," he emphasized.
Galstyan noted that the Central Bank, in close collaboration with the government and the private sector, is working to build a digital society and economy, based on complementary components such as digital identity, cybersecurity, data interoperability, and effective governance. The Central Bank of Armenia currently views stablecoins as a strategic priority. He pointed out that cross-border services currently do not provide the required quality. Stablecoins are designed to fill this gap, as they represent a natural intersection between the traditional and crypto worlds, which can combine to improve the quality of services provided to customers.
He emphasized that international partners play a vital role in this regard for the Regulator. "And we intend to actively support them, as they have the experience we need-both in terms of technology and compliance," the head of the Central Bank said.
He also touched on the recently adopted law on crypto regulation, saying that it is fundamentally aligned with the European MiCA regulations, further underscoring the Central Bank's approach to finding a "golden mean" between innovative development and consumer protection.
Speaking about the forum, Galstyan noted that Doing Digital has established itself as an important platform bringing together private and public sector leaders from Armenia and around the world to jointly understand and address the challenges and opportunities that will shape the economy of the future.
