Cryptocurrency has become an essential topic of conversation in the global financial environment. Technological innovations have led to the creation of a new form of money, decentralized and digital, based on blockchain technology. This monetary revolution was accompanied by a significant rise in popularity in many developing countries, where the fight against weak national currencies and corruption became a major concern. Cryptocurrencies offer potential solutions to these problems and open the way to new economic opportunities. Our article focuses specifically on Armenia, a country located at the crossroads of Eastern Europe and Western Asia. While the Armenian nation has a rich cultural and historical heritage, it has faced persistent economic challenges. In this context, Armenia stands out as an interesting case study, as it has yet to adopt cryptocurrencies significantly, despite the potential they present for its economy. This is why it is essential to answer the following question: Can cryptocurrency bring financial and banking independence to Armenia? To answer this central question, we set other questions and tried to “solve” them in scopes of presented article.