MPs from the ruling Georgian Dream party have submitted amendments to the Law on the National Bank of Georgia to parliament concerning the creation of a digital lari.
Work on the legislative framework for the digital lari is entering a new stage in Georgia: a bill amending the Law on the National Bank, addressing the issuance and circulation of the national digital currency, has been submitted to parliament, the parliament's press service reports.
The initiative was led by MPs from the ruling Georgian Dream party. The bill defines the concept of "digital money" and grants the National Bank the exclusive right to issue the digital version of the lari, just as the regulator currently issues banknotes and coins.
The bill also stipulates that the digital lari will be an unconditional liability of the National Bank at its nominal value. Issuing digital currency to cover the state budget deficit is prohibited.
