Acting Governor of the NBG Archil Mestvirishvili confirmed that the Georgian central bank would float new anti-money laundering (AML) directives in the coming months.
Compass, which recently laid off 15% of its staff and slashed executives’ salaries by 50%, will relocate its mining rigs to Texas, where it has faced energy issues too.
Georgia is overhauling its financial sector with new laws aimed at tackling money laundering and terrorist financing while working on its ambition to become a digital assets hub.
Georgia’s central bank is working with the IMF on the regulations, which will include registration of VASPs, compliance testing, and AML control requirements.
As China leads a number of countries in legal measures against block reward mining, Georgia is turning to a different solution—a holy oath against mining.
The National Bank of Georgia is considering launching a digital Lari, which it hopes will help the nation benefit from the advantages of CBDCs as outlined by other countries.
The state’s House of Representatives passed a bill that calls for these schools to teach the students about financial literacy, with digital currencies being one of the areas of interest.
The International Monetary Fund has reportedly suggested that Georgia include the income from cryptocurrency-related activities in their annual foreign trade balance reports.