World Bank: Georgia is one of the leaders in global mining

The small post-Soviet republic has managed to take a leading position in the cryptocurrency market. According to the World Bank, almost 5% of Georgians have bought or mined cryptocurrency.

Georgia is one of the leaders in its region in the implementation of innovative technologies and cryptocurrencies, according to the latest World Bank report, entitled “Cryptocurrencies and Blockchain: Economic Report for Europe and Central Asia 2018,” Forbes Geogria writes, citing the document. 

Economic growth in Europe and Central Asia is at its peak, reaching 2.7% in 2017 and already 2.3% in 2018. According to the report, countries like Georgia can use new digital technologies to improve various services and modernize financial processes. 

In addition, according to the study, Georgia is the third largest cryptocurrency producer in the world. Approximately 5% of Georgian households are involved in the sale, purchase or investment of cryptocurrencies.

“Many countries in Europe and Central Asia have shown themselves to be favorable to the development of cryptocurrencies and blockchain technology,” said Hans Timmer, chief economist at the World Bank. “In Georgia, for example, cryptocurrency mining is a fairly common activity, largely due to tax incentives and low energy costs.”

Over time, the need for financial control and customer security by national governments will increase, Timmer said. 

Economic growth in Europe and Central Asia is showing its best performance in a decade, according to the report. 

According to http://www.coinfox.info