One of the largest financial supervisors in Europe met with the National Bank of Georgia (NBG) and other members of the financial sector to discuss the regulation of cryptocurrencies

05/22/2018

According to the position, the representative of the German Federal Financial Supervisory Authority (BaFin) met with members of the NBG, international financial institutions (IFI), the private sector, commercial banks, brokers, auditor and legal companies to raise awareness about the crypto in the country. During the meeting, participants had the chance to receive detailed information about the cryptocurrency industry from the leading financial supervision authority in Europe.

In December 2017, NBG Georgia was skeptical about cryptocurrencies, calling on citizens to be cautious. The bank informed the public that cryptocurrencies are not legal means of payment, no activity related to cryptocurrencies is regulated, and NBG is not responsible for the subject:

“The National Bank of Georgia would like to warn citizens about this matter. Cryptocurrencies are not a means of payment in Georgia. Any activity carried out in this sector is not regulated by the legislator and is therefore not a sphere of influence of NBG.

Georgia ranks second in the world after China in terms of the number of companies extracting cryptocurrencies, according to the Global Cryptocurrency Benchmarking Study published by the Cambridge Center for Alternative Finance in 2017.

In April 2016, the Georgian government and the leading Bitcoin mining equipment manufacturer (BTC) BitFury began the project of registering land titles at Blockchain. By April 2017, over 100,000 titles have been registered.