Georgian PM pitches country’s financial, technology plans to Ripple CEO at World Economic Forum

  • The Government Administration announced Garibashvili had promoted the favourable market conditions for the development of digital assets in Georgia at the meeting and highlighted the country's "favourable investment environment and strategic location". Photo: PM's press office.

Agenda.ge, 23 May 2022 - 17:21, Tbilisi,Georgia

Georgian Prime Minister Irakli Garibashvili has offered the CEO of Ripple, a United States-based technology company, to consider launching a company service centre in Georgia, with the offer made at a meeting as part of the World Economic Forum in Davos on Monday. 

The Government Administration announced Garibashvili had promoted the favourable market conditions for the development of digital assets in Georgia at the meeting and highlighted the country's "favourable investment environment and strategic location". 

It was noted that with young, experienced and competitive human capital, Georgia is becoming a global and regional multifunctional hub for financial services, technical and innovative industries. Thanks to its reputation and friendly business environment, Georgia has become a global leader in terms of ease of doing business," the Administration said in its summary of the meeting.

At the meeting Garibashvili also noted his Government had created a draft legal framework for the regulation of virtual assets, with the bill being discussed with various stakeholders before its submission to the Parliament. He said the drafting was expected to be completed by the end of the year.

The PM also told the company CEO Georgia “successfully” used blockchain technology and was the first country in the world to introduce its use in public services - in particular in the land registration process - with a resulting reduction of operating costs by about 30 percent.

Garibashvili also mentioned his Government’s ongoing talks with the FTX Crypto Derivatives company for opening its regional office in Georgia.

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