
Georgia has ranked 8th in ranking of Bitcoin-friendly countries. The rating has been published by the portal 99bitcoins.
"Georgia the country (not to be confused with the US state) is an Eastern European nation of close to 4 million people. It is not a eurozone member and uses the Georgian Iari (GEL) as currency.
For purposes of attracting foreign investment into its IT industry, Georgia set up the Poti free industrial zone near its capital, Tbilisi, in 2015.
The post-Soviet Georgian economy is one of the quickest-growing in Eastern Europe, thanks to economic reforms and modernisation. In 2017, Georgia was ranked 14th in the world for ease of doing business and 13th for economic freedom. However, in 2016 Georgia was rated poorly among European nations for the development of its IT sector (although this is steadily improving.
Georgia has the 2nd highest Bitcoin mining hashrate in the world after China, according to the Global Cryptocurrency Benchmarking Study, published in 2017. This is largely due to the presence of a Bitfury mining facility near Tbilisi.
Taxes in Georgia are comparatively low, only income generated from Georgia sources is taxed. Companies situated in the Poti free industrial zone benefit from a referential taxation scheme. Within this zone, there is no VAT, dividend, profit or property tax. Tax on leases and salaries will still apply.
In February 2017, Georgia’s government approved a system whereby state property transactions will be recorded via the Bitcoin network. This will be developed in cooperation with Bitfury.
In April of 2016, Bitfury and the Georgian government launched a blockchain-based land registry project. The government is welcoming of crypto-related investment and has close ties with large Bitcoin miner, Bitfury.
Cryptocurrency is not seen as legal tender in Georgia. The co-founder of Georgia-based crypto business, Spotcoin, stated in May of 2018 that he believes it likely that the Georgian government will soon investigate cryptocurrency regulation.
The National Bank of Georgia issued a warning regarding the volatility of cryptocurrency in December of 2017. However, no regulatory action was taken," - the portal writes.
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