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Irakli Garibashvili, prime minister of Georgia, and Levan Davitashvili, the economy minister, held a meeting with the CEO of Ripple Labs Inc. in Davos on Monday, May 23, to discuss launching a corporate service center in Georgia.
It was an honor to meet the Prime Minister of Georgia to discuss #blockchain and #crypto at #wef2022. https://t.co/kGZbvXBgMD
— Ripple (@Ripple) May 23, 2022
The government administration is in ongoing negotiations with American blockchain company Ripple Labs Inc. to open a Corporate Service Center, considering that the country is known for its favorable investment climate and stable location.
According to the report, FTX Crypto Derivatives and Digital Market Association visits were also discussed.
In his remarks, the prime minister stated that FTX’s regional presence would create a conducive environment for the future financial market of digital assets. He also added that the country prides itself on a favorable investment environment and a stable economy.
It was noted that with young, experienced and competitive human capital, Georgia is becoming a global and regional multifunctional hub for financial services, technical and innovative industries. Thanks to its reputation and friendly business environment, Georgia has become a global leader in terms of ease of doing business.
The Georgian market approves the development of its digital assets as it is the first country to introduce blockchain technology in the public sector, particularly in land registration, which has resulted in a 30% reduction in operation costs.
Certainly, Georgia has been successfully using blockchain technology. And with this, the country ranks among the developed markets, including the USA, Singapore, Denmark, Norway, and the UK.
With its reputation and ease of doing business, the citizens are given new opportunities by the EU-Georgia Association Agreement (AA), and the government recently applied for an EU membership and is anticipating a response from the European Commission.