Cryptocurrency industry has been growing in the last years and enterprises are trying to profit from it. Now, Georgians will be able to buy and sell cryptocurrencies like Bitcoin and Litecoin by using ATMs that will be installed in the country.
ATM installation in Georgia
As it happened all over the world, cryptocurrencies gained popularity in the country. Different enterprises and businesses have decided to interact with cryptocurrencies and blockchain technology, making the country one of the most actives in the region.
Now, the country is incorporating a new cryptocurrency terminal that has been placed in Tiblisi, Georgia’s capital. People will have the possibility to exchange the local currency (Georgian lari) for Bitcoin or Litecoin. The ATM provider explained that in the future they will add support for Bitcoin Cash, and possibly, Ethereum.
The local firm that is operating these cryptocurrency ATMs is called TPS, and provides exchange services using cash terminals and, at the same time, an online trading platform. The bitcoin and Litecoin ATM has been installed at a restaurant known as New York Burger in the city centre.
This is not the only cryptocurrency ATM that can be found in Tiblisi. Another operated by General Bytes can be used for individuals to purchase bitcoin and litecoin as well.
Giorgi Cheishvili, programmer at TPS, commented to a local news outlet:
“Many people want to exchange their cryptos and a growing number of Gerogians are interested in buying cryptocurrency.”
Moreover, Anthony Sollimon, manager of the NY Burger Restaurant said that they are interested in innovation and business. Furthermore, their intention is to create a great environment where people would be able to make the transactions they need.
Georgia & Cryptocurrencies
Georgia has become an important pioneer in cryptocurrency legalization and regulations in the region. The public and private sector are implementing the latest blockchain technologies to improve their services and products. For example, the land register has been maintained on a blockchain since they started working with it in 2016.
Other countries that are implementing the same methodology to control the land ownerships are located in Africa, where some countries have 80% of unregistered lands.
Georgia is also a hub for other cryptocurrency related activities. Georgia is home of one of the first bitcoin mining farms in the region. Additionally, Tiblisi has an incredible offer for those who want to expand their knowledge about cryptocurrency and blockchain related topics.
Armenia has also ben trying to improve its situation regarding cryptocurrencies. Some enterprises are deciding to settle their operations in Georgia rather than in Armenia, and that’s something that is worrying local authorities. Apparently, Armenia will also try to legalize cryptocurrency transactions and propose very flexible regulations.
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