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Georgia and the regulation of crypto currencies

When it comes to crypto currencies, market observers like to take a look at Georgia from time to time. After all, in December 2017 the local central bank still had to accept critical words. At that time, citizens were strongly warned that the use of online currencies was at the user’s own risk. In this respect, it is unlikely that government regulations will soon take place in Georgia or that the coins will even be accepted as official means of payment.

But one might wonder why Georgia in particular is so relevant for crypto traders. For this one only has to bear in mind that this small country has set up an extraordinary number of crypto mining servers. After China, there is no other nation that can produce such a mining output as Georgia. The statements of the tax authorities and governments are therefore of crucial importance. But the European central banks and also the German financial supervisory authorities are in active exchange with the Georgian law enforcers.

It may take some time before Georgia reacts to modern developments and does not close itself off to online currencies. It does not have to be accepted immediately as an official means of payment, as is often the case, for example, in Asian countries. However, regulation would still be welcome if it provided the advantages and benefits of cryptic systems with a legal basis. The focus should therefore be on a legal design of a free network instead of limiting cryptic currencies.

The need for regulation

In this context, however, the Federal Republic of Germany and the European Union in general also face even greater challenges. Regulation does not automatically mean that the crypto market is completely restricted in its freedoms and functionalities. This is widely feared in the industry. But one gives a legal basic conditions on the way to a so far still to a large extent right-free zone.

Official regulation could certainly create security for traders and users and lead to even more popularity for crypto currencies. Especially in those countries where mining is practised to a high degree, official regulations and corresponding laws will be welcomed. This would not only have an impact on the country in question, but also on users worldwide, since cryptic currencies are subject to a decentralised system and in the original sense take little account of national borders. But this romantic idea of a globalized world only works, of course, if the states pull in the same direction.

And so the Georgian National Bank (NBG) is also urged not to continue to shut itself off from digital coins, but to work together with the government and other states on appropriate regulation. Then the country could rightly present itself as one of the leading nations in terms of mining and prospecting online currencies.