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Georgia’s Central Bank Establishes Regulatory Framework for Stablecoins
Georgia’s Central Bank Establishes Regulatory Framework for Stablecoins
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BTCCSquare news:
The National Bank of Georgia (NBG) has enacted sweeping regulations for fiat-pegged stablecoins, mandating full reserve backing and stringent auditing. Governor Natela Turnava's order creates a legal pathway for licensed entities to issue lari- or foreign currency-backed stablecoins, with global accounting firms overseeing compliance.
Existing issuers face a six-month grace period to submit documentation under the new 'Regulation on the Initial Placement of a Stable Virtual Asset.' The framework explicitly prohibits algorithmic stablecoins, requiring 100% reserve coverage at all times—a move mirroring global central banks' cautious embrace of blockchain-based payment instruments.
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