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GEORGIA TO UNVEIL NEW CRYPTOCURRENCY LAW BY THIS FALL

Authorities in Georgia are now holding discussions with industry representatives to finalize a bill designed to regulate coin trading, among other crypto-related activities. The legislation will be presented to the Georgian society this fall at the latest, a top central bank official announced.

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MINISTRY OF ECONOMY AND FTX CRYPTO DERIVATIVES DISCUSS COOPERATION

The favorable business environment in Georgia and the country’s leading positions in terms of ease of doing business were the main topics of the meeting, which was held for a delegation of the company FTX Crypto Derivatives Exchange at the Ministry of Economy and Sustainable Development.

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THE FIRST GOVERNMENT TO SECURE LAND TITLES ON THE BITCOIN BLOCKCHAIN EXPANDS PROJECT

It is the first time a national government has used the bitcoin blockchain to secure and validate official actions, signifying a vote of confidence for a technology still somewhat tainted by an early association with illicit activity.

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DISPATCH FROM GEORGIA: WHY IS THIS SMALL, FORMER SOVIET COUNTRY SO POPULAR FOR BITCOIN MINING?

Bitcoin miners have an outsized presence in Georgia, considering the country’s tiny geographical size and small population. What makes this former Soviet republic so attractive to bitcoin miners?
I lived in Georgia for six months and have first-hand knowledge of its bitcoin mining industry. Using that knowledge and a range of available data, this article will answer that question and more.

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HOW THE TINY NATION OF GEORGIA BECAME A BITCOIN BEHEMOTH

Since long before anyone can remember, the big, fertile slopes of the Alazani Valley in eastern Georgia have been planted with grapevines. It's the heartland of winemaking in the country that invented it 8,000 years ago. But in recent months, the valley has been going through a new kind of ferment, because of bitcoin.

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CRYPTOCURRENCY AND HASH TAXES IN GEORGIA, TBILISI

Although the National Bank of Georgia does not consider bitcoin and other cryptocurrencies legal payment instruments, yet it does not control operations with virtual money. The loyalty of the Georgian authorities to crypto is also evidenced by the fact that on June 28, 2019, the Ministry of Finance of Georgia even provided an explanation of the taxation of cryptocurrency market participants.

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With relaxed laws and 0% tax on income from trading cryptocurrency, Georgia (the country) is an ideal place to get legal residency and tax residency so that you can easily liquidate your Bitcoin or other crypto into fiat money (i.e., cash and direct to your bank account).
With straight forward services which will help you exchange your crypto in Georgia, in some instances directly into a commercial bank, the options to legally get your money out of crypto, tax free, are worth jumping on immediately.

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NEW STUDY: TBILISI TOPS INTERNATIONAL CITIES BY BITCOIN ATMS PER $10 BILLION GDP

Tbilisi seems an unlikely contender for the top spot on this list of international cities pioneering Bitcoin adoption. But the former Soviet republic of Georgia, with a population of less than four million people, is now the second largest miner of cryptocurrency in the world. Inexpensive hydropower and a lack of federal regulation have turned the country into a 'virtual printing press' for virtual money, giving the 23 bitcoin ATMs in Tbilisi an outsized presence in the Georgian economy", reads the study.

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GEORGIA’S MEMBERS OF PARLIAMENT TOGETHER OWN 66 BITCOINS

Since 2010, a system for tracking the assets of politicians has been active in Georgia. Every official or politician must declare his or her assets.
We took the effort and searched all 150 members of parliament. In the process, we found exciting things:

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BITCOIN FACTORY DISCOVERED IN GORI CULTURAL CENTER

A bitcoin factory was discovered in the cultural and educational center of Gori. This was reported by the State Security Service.
According to available information, a high-ranking city hall official installed bitcoin miners at work that used state-owned electricity.

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A MEMORANDUM OF UNDERSTANDING WAS SIGNED BETWEEN THE NATIONAL AGENCY OF PUBLIC REGISTRY AND THE GEORGIAN NATIONAL BLOCKCHAIN AGENCY.

The Memorandum envisages enhancement of awareness and knowledge in the field of Blockchain and distributed ledger technologies, development of professional training program, and experts involvement in finding technological solutions, as well as improving legal framework for the projects that are to be implemented.

Media: Clients
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