BaFin, one of the largest firms offering financial supervision in Europe, has had a meeting with the National Bank of Georgia (NBG) and other members of the finance sector in order to discuss crypto regulation.
According to a post on the NBG’s site May 18, BaFin representatives held talks with members of the NBG, the international financial institutions (IFI), the private sector, commercial banks, brokers, audit, and legal companies. The meeting aimed to create much awareness on the issue of cryptocurrencies in the country. The representative gave participants the crypto industry trends and other related data that was critical in shaping their views on its regulation.
Late last year, NBG had a negative outlook on cryptocurrencies and urged citizens to be careful when dealing with them. According to the bank, crypto payments were not classified as a legal means of payment, and therefore the bank would not bear any responsibility regarding the subject:
“National Bank of Georgia would like to warn citizens on this matter. Cryptocurrencies do not represent means of legal payment in Georgia. Any sort of activity conducted within this sector is not regulated by the legislature and therefore is not a sphere of influence of NBG.”
According to the Global Cryptocurrency Benchmarking Study, Georgia’s crypto mining activities have seen it trail only China. In April 2016, Bitcoin mining hardware firm, BitFury, started a project that would record land titles on blockchain technology. A year later, the project had successfully managed to register over 100,000 titles.