So, they presume that electronic funds are not controlled by central bank ?giving a great deal of opportunities for illegal transactions.?First bitcoins appeared in Georgia about the initiative of the Georgian Co-investment Fund (GCF) ?which allocated $ 30 million to make a processing center while in the area of Gori.
A year later the organization BitFuri launched a data center inside the free economic zone within the outskirts of Tbilisi. Good company’s representative ?Efrem Urumashvili, they studied ?the specific situation in Georgia for ?at least a year.
“The company’s management is glad with ?its activities. The data center in Gori allowed ?investors to show more ?curiosity about Georgia and made ?additional investments in the level of $ 25 million within the construction of ?another processing center in Tbilisi,” ?he notes.
In his words, at present capitalization of Tbilisi FIZ ?reaches $ 40 million and investors will work to bring in other high-tech companies inside the free economic zone.
BitFuri interested in Georgia due to its location, tax regime and low priced of electricity in comparison with developed countries. Our company’s entry into ?the Georgian market will encourage other investors,” said Ephraim Urumashvili.
However, the questions remain, specially, what are the possible consequences for Georgia?
The main thing that distinguishes Bitcoin using their company digital currencies is decentralization. Cryptocurrency will not be associated with any address, country or company. This decentralization makes the state control just about impossible.?Libertarians believe citizens cannot really trade currencies due to ?the tight control in the state.
Bitcoins are not for many countries, for example, the National Bank of Bolivia ?has banned all transactions in currencies uncontrolled ?through the state.?Based on the expert Demur Giorkhelidze, bitcoins are ?an extremely risky currency which you can use for the price laundering, since it is completely uncontrolled.
However, Efrem Urumashvili claims ?that bitcoins are ?risk-free, and ?the lack of awareness engenders mention money laundering.
“Electronic financial resources are prohibited only in Bolivia, Venezuela and North Korea. But in the usa and Europe Bitcoins bitcoins are recognized as an official ways of payment. For money laundering, such cases have indeed been recorded, though the culprits happen to be sitting in prison. The Treasury of england recognized Bitcoin the safest currency worldwide. Yes, countless uses for flash to covert operations, but together it is extremely effortless to ?investigate ?them,” he explains.
According to him, today it’s impossible to figure out the number of Bitcoins were utilized in Georgia since cryptocurrency doesn’t have a boundaries.