German Financial Supervisory Authority visits the National Bank of Georgia to discuss the laws of digital currencies

One met of the biggest Financial Supervisory Authorities in Europe with the National Bank of Georgia (NBG) and other members of the financial sector to discuss the regulation of digital currencies, the National Bank of Georgia reported on May 18.

According to this publication, a representative of the German Federal Financial Supervisory Authority (BaFin) met with members of the National Bank of Georgia, International Financial Institutions (IFI), the private sector, commercial banks, intermediaries, auditing and legal firms to raise awareness of the country's digital currencies. At the meeting, participants had the opportunity to obtain detailed information on the digital currency field from the leading financial supervisory authority in Europe.

In December 2017, the National Bank of Georgia took a skeptical attitude toward digital currencies and urged citizens to be cautious. The Bank informed the public that digital currencies are not a legal means of payment, no associated activity is regulated, and that National Bank of Georgia has no responsibility for this matter:

The National Bank of Georgia would like to warn citizens on this issue. Digital currencies are not legal means of payment in Georgia. Any type of activity within this sector is not regulated by the legislature and is therefore not an area of

influence in the National Bank Group in Georgia.

Georgia ranks second in the world after China in terms of the number of known mining facilities, according to a global Benchmarking study of digital currencies issued by the Cambridge Alternative Finance Center in 2017.

In April 2016, the Georgian government and the leading mining equipment manufacturer, Pitcairi (BTC), launched a land registration project on Blockchain. By April 2017, Parties had registered more than 100,000 titles.