The National Bank of Georgia (NBG), together with members of financial, banking, and private sectors discussed with BaFin, a large European financial supervisory authority, cryptocurrency regulation. BaFin provided the attendees with comprehensive information on the rising crypto industry.
In the past, Georgia has been doubtful on cryptocurrency advising its citizens to be careful stating the cryptocurrency is not considered a legal payment instrument in the country and therefore, NBG, cannot answer anything on the matter.
“National Bank of Georgia would like to warn citizens on this matter. Cryptocurrencies do not represent means of legal payment in Georgia. Any sort of activity conducted within this sector is not regulated by legislature and therefore is not a sphere of influence of NBG.”
According to the “2017 Global Cryptocurrency Benchmarking Study” by Cambridge Centre for Alternative Finance, Georgia has the second most numerous known crypto mining facilities, just behind China.