Georgia is the world’s third largest miner of cryptocurrencies, according to a new World Bank report, Cryptocurrencies and Blockchain: Europe and Central Asia Economic Update.
"Blockchain technologies are widespread in Georgia, thanks to a highly supportive environment for technological innovation and mining of cryptocurrencies. The world’s third largest miner of cryptocurrencies, Georgia is home to one of the largest mining companies in the world, and surveys indicate that up to 5% of households in the country are engaged in cryptocurrency mining or investments," the reported reads.
"Georgia’s prevalent use of cryptocurrencies is driven largely by tax exemptions and low electricity prices. Going forward, therefore, it will be important for the government to ensure financial oversight, protection of consumers, and tax administration," World Bank Chief Economist for Europe and Central Asia Hans Timmer said.
