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Georgian Finance Minister spoke about blockchain prospects

Georgian Finance Minister spoke about blockchain prospects

At an international meeting in Croatia, Mamuka Bakhtadze, the Minister of finance of Georgia, said that blockchain will help the Georgian government to increase the availability of public services and reduce costs of servicing the state machine.

Having the status of an international high-level event, the meeting brought together representatives of the International Monetary Fund and the World Bank, as well as finance ministers and governors of National banks of 15 countries. The main topic was the new possibilities of fintech as well as the existing challenges.

In his speech, Mamuk Bakhtadze reminded that Georgia is one of the first in the world to introduce blockchain into the public services (today the country has a land cadaster based on the distributed ledger technology) and continues to explore the possibilities of the technology. The Minister of Finance said that the government is considering the use of blockchain in the mechanism of small business financing.

According to Koba Gvenetadze, the Governor of the National Bank of Georgia, during the meeting, the representatives of different countries discussed the possibilities of blockchain and other new financial technologies, shared their experience and talked about the possibility of joint projects in the fintech sector, including those involving the World Bank and the International Monetary Fund.

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