World Bank: Georgia Among Top Three Cryptocurrency Miners

World Bank: Georgia Among Top Three Cryptocurrency Miners

Based on the favorable environment for innovative technologies and cryptocurrency mining, blockchain technologies are widespread in Georgia, – this is stated in the new World Bank report Cryptocurrencies and blockchain: 2018 Economic Report for Europe and Central Asia (ECA).

“In the countries of Europe and Central Asia, economic growth reaches its peak: in 2017 – 2.7% and forecasted 2.3% for 2018. Countries of the region, like Georgia, should now make use of new technologies to improve services and make them more innovative,” – reads the report.

Besides, according to the survey, Georgia is number three largest cryptocurrency miner in the world and is the motherland of one of the biggest miners.

“The surveys show that about 5% of households in Georgia are involved in cryptocurrency mining or investing,” – is stated in the survey.

“Many countries of Europe and Central Asia have proven to be fertile ground for development of cryptocurrency and blockchain technologies,” – states Hans Timmer, World Bank’s Chief Economist.

“For instance, in Georgia, cryptocurrency mining is surprisingly widespread, which is considerably conditioned by tax benefits and low price for electricity. As the times pass, it will become important for the government to ensure financial supervision and consumers’ safety,” – states Timmer.

According to the report, current economic growth in Europe and Central Asia is the fastest in the decade. However, reduced unemployment and increasing inflation indicate that this growth will hinder progress in the region to certain extent.

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