In Georgia, you can now pay with cryptocurrency in stores, hotels and cafes

History

2023: Project Launch

At the end of February 2023 Georgia , it became possible to pay cryptocurrency in stores hotels and cafes. This happened after the payment CityPay.io operator entered into an agreement with the cryptocurrency exchange, Binance which, as part of the project, opened access to its payment system. Binance Pay

According to Binance in its Twitter blog, you can pay for goods and services at more than 600 points throughout Georgia. By the end of February 2023, cryptocurrencies are accepted in the American fast food chain Wendy's.

Binance also promises that it will be possible to fully pay in "large hotel chains, supermarkets and restaurants."

It is noted that the new service resembles traditional payments. The only difference is that cryptocurrencies are involved in operations, not ordinary money.

Binance Pay allows users to make fast, low-cost payment transactions, and CityPay.io helps brands accept cryptocurrency. By the end of February 2023, the audience of the CityPay.io is about 400 thousand people.

Earlier, the Georgian government approved an updated legal framework for, financial sector which regulates the field of digital business and cryptocurrency trading. According to the Minister of Economy and Sustainable Development of Georgia, Deputy Prime Minister Levan Davitashvili. A package of legislative projects is already in parliament and that the changes will be adopted during the autumn session. Davitashvili said that the amendments provide for the convergence of national legislation with three important directives - European Union the "Tax Services Directive" (PSD2), the "Capital Requirements Directive" (CRD) and the "Virtual Asset Service Providers Directive" (VASP).

According to the document, citizens who participate in the trade in digital assets will be granted legal status. In addition, the directive defines the duties and rights of these persons, which will make it possible to exclude the use of digital currency in money laundering or financing of terrorism.^[1]

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