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Digital currency in Georgia

Digital Currency in Georgia

Digital currency in Georgia

As one of the leading countries in blockchain registration, Georgia has been able to quickly establish its position in the digital currency industry. Cheap electricity (about 10 cents per kilowatt), favourable weather, favourable high-speed internet platform, tax exemption for activities in the field of digital currencies in Georgia, low cost of buying and renting the necessary space to create mining farms, transparency of laws and a clear position of the government and the existence of ATMs for digital currencies has placed Georgia among the top 5 countries for activity in this field.

Digital currencies in Georgia

Statistics show that Georgia ranks third in the world after China and Venezuela in mining and digital currency extraction. The main issue facing miners for digital currency in Georgia extraction is price and electricity demand. GPUs used to extract digital currencies are very expensive. Cooling these GPUs themselves requires a significant amount of energy, so electricity costs are the only barrier for extractors. The only obstacle is for the miners. .

Digital Currency in Georgia

Georgia exempts digital currencies from VAT.

Digital Currency in Georgia

Finance Minister Nodar Khadouri recently signed a bill to tax digital currency in Georgia. The bill has been in force since the end of July 2019. The Georgian government has shown that it supports the currency code and the Chinese block chain in general. For several years now, the archive of national data has been based on the Chinese blockchain. The existence of cryptocurrency ATMs in Georgia's three major cities, Tbilisi, Batumi, and Kutaisi, is a testament to the extent to which these currencies are widely traded in the country. Georgia has an acceptable position among other countries in terms of bandwidth, speed and uncertainty of Internet servers. This raises another concern for activists in this sector. Overall, the investment situation in the IT industry in Georgia is considered a safe investment given the support provided by the government .

Georgia, with its extensive river network and special topography in the paths of these rivers, is the ideal place for small and large hydroelectric power plants, which on the one hand includes the extent, distribution and availability of electricity throughout Georgia, and on the other hand, the electricity produced is one of the cheapest electricity from water. As a result, in Georgia we see the cheap price of electricity (about 10 cents per kilowatt), which in a brief comparison with America (13 cents), Germany (40 cents), Cyprus (37 cents), Ireland (33 cents), Italy (33 cents), the countries of Spain, Belgium, Sweden, Austria and Portugal with a rate between 27 and 28 cents, the Netherlands with 26 cents and then England, Malta, Slovakia, Luxembourg and Slovenia with a rate of around 12 cents, the countries of Finland , Greece, Czech Republic, Poland, Turkey, Hungary, Latvia, Croatia, Lithuania and Romania with an average rate of 15 to 20 cents and Iceland, Montenegro, Moldova, Bulgaria, Macedonia, Bosnia and Herzegovina with a rate of about 12 cents, notice the price difference and We will be the reason for choosing digital currency activists in Georgia. Cryptocurrency mining devices produce a lot of temperature, and the majority of electricity consumption in this industry is related to cooling systems. So, taking into account the climate of Georgia, this country with an average annual temperature of 6 degrees Celsius, has very suitable weather conditions for the creation of digital currency or bitcoin mining farms, and considering that the freedom of action in terms of proper legal treatment with The field of digital currencies, the low cost of energy and also the suitable climate are the main factors that attract investors in this industry. Georgia has been able to attract the attention of activists in this field to invest in Georgia, and this is increasing every day.

Digital Currency in Georgia

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Frequently asked questions about investing in digital currency in Georgia

1 What is the digital currency tax in Georgia?

Since July 2019, digital currencies in Georgia have been exempted from value-added tax.

2 Is investing in the digital currency in Georgia a safe investment?

Yes, the presence of cryptocurrency ATMs in the three major cities of Tbilisi, Batumi and Kutaisi, and the speed and uninterruption of internet servers show the government's support for investment in the digital currency in georgia.

3 What factors made the digital currency in Georgia profitable?

Cheap electricity, favorable weather, suitable high speed internet platform, tax exemption in the field of digital currencies, cost of buying and renting space needed to set up mining farms are among the profitability factors for investing in the digital currency in Georgia.

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