The National Bank Of Georgia Is Finalizing A Draft Bill That Would Create A Legal Framework For Cryptocurrencies.

2022-05-10 | Selina Mathew

The National Bank Of Georgia Is Finalizing A Draft Bill That Would Create A Legal Framework For Cryptocurrencies.

According to a recent report from Georgia Sputnik, the National Bank of Georgia (NBG) has reached the stage of completing a bill to regulate the crypto sector in the nation. Georgian authorities are conversing and debating with industry players in order to make minor but critical adjustments to the bill. The measure will cover all crypto-related enterprises, including coin trading. According to NBG Vice Governor Papuna Lezhava, the finished law will be presented to the Georgian public by September of this year.

The central bank emphasized the continuing work and topics that the new crypto law will cover:

- NBG Vice Governor Lezhava stated that the bank is now working on a law to regulate cryptocurrencies. The bill is now being evaluated and reviewed by market participants, participants, and interested parties in the crypto sector in order to finish the crypto draught law.

- The law attempts to govern a variety of crypto activities and regions all at once, including consumer protection, cryptocurrency trading, and trading platforms such as digital asset exchanges. However, crypto miners and their operations will be excluded from the measure.

Governor of the National Bank of Georgia, Koba Gvenetadze, stated earlier this month that the country's central bank is trying to regulate cryptocurrencies.

It had developed the required changes in compliance with the FATF's money laundering criteria and had obtained technical support from the International Monetary Fund (IMF). Before introducing new regulations, the central bank also prohibited traditional financial institutions from conducting virtual asset exchange and transfer services.

According to statistics from the Cambridge Center for Alternative Sources, Georgia has been a crypto mining hotspot since 2018 and ranks second in terms of power use for cryptocurrency mining (CCAF). In January 2022, the government and energy distribution business Energy Pro took measures in Svaneti to combat the growing use of subsidized electricity for bitcoin mining. Its worldwide share in crypto mining was 0.18 percent in August 2021.


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