Georgia to Unveil New Cryptocurrency Law by This Fall
Authorities in Georgia are now holding discussions with industry representatives to finalize a bill designed to regulate coin trading, among other crypto-related activities. The legislation will be presented to the Georgian society this fall at the latest, a top central bank official announced. Central Bank of Georgia Talks Crypto Regulation With Market Players The National Bank of Georgia (NBG) is fine-tuning a draft law tailored to establish a legal framework for certain operations with cryptocurrencies with the help of interested parties from the sector. Public and business....
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The National Bank of Georgia is taking steps to regulate the crypto market in the Southern Caucasus country, its governor revealed in a recent interview. While companies in the industry are to expect a licensing regime, financial institutions have already been banned from providing crypto-related services. Central Bank of Georgia to Propose Cryptocurrency Regulations Georgia’s monetary authority is planning to introduce rules for operations in the nation’s crypto space. The financial regulator has drafted new legislation to achieve this, the bank’s Governor Koba....
The central bank of Georgia is advancing its digital currency project. The monetary authority is preparing to launch the CBDC as early as next year and plans to use the blockchain-based version of the national fiat, the Georgian lari, to facilitate retail sales.
Georgia to Introduce Digital Lari in 2022
The National Bank of Georgia (NBG) intends to pilot its own digital currency in a program scheduled for next year, Vice President Papuna Lezhava revealed this week. Speaking to reporters on Tuesday, the high-ranking official remarked that 85% of the world’s central banks....
UniPAY, an e-wallet in the country of Georgia, has partnered with Snapcard, the San Francisco, Calif. -based bitcoin payment processor and wallet, to offer customers the option of using cryptocurrency at e-commerce sites globally and to convert between local fiat currency and crypto. UniPAY allows users to use bitcoin, Litecoin, Dogecoin. UniPAY will also begin offering merchants a bitcoin payment option. UniPAY is one of the largest payment service providers in Georgia processing payments for local mobile carriers, internet service providers, airlines, utility companies, and gaming sites.....
A record high consumption of electricity blamed on illegal crypto farms in northwestern Georgia has caught the attention of authorities in the capital Tbilisi. The central government and the local utility are taking on the issue of dealing with power shortages in the mountainous region of Svaneti.
With Tourism Hit by Pandemic, People in Georgia Turn to Crypto Mining on Cheap Energy
The government of Georgia, a small nation in the Caucasus, has joined forces with the energy distribution company Energo-pro, to address the growing illegal use of electricity to mine....
Georgia’s crypto mining economy has evolved into a global leader in recent years, largely because of low taxes and affordable electricity rates, as well as a libertarian regulatory environment. Despite its small population, Georgia contributes nearly 1% of the industry’s total hash rate, according to a study by Arcane Research. Although Georgia is a non-entity […]