How to Buy Cryptocurrency in Georgia

Buying cryptocurrency in Georgia

Buying cryptocurrency in GeorgiaLike so many other banks, the National Bank of Georgia announced that cryptocurrencies arenít legal tender, and, therefore, arenít regulated by law in December 2014. The Bank even advised citizens of Georgia to exercise caution when dealing and trading with cryptocurrencies. In spite of that, Georgia quickly became a hotbed for cryptocurrency mining, with people spending their investments or taking out loans in order to purchase their very own mining setups in hopes of getting rich. Due to low regulation and its cheap hydropower, Georgia was ranked the second country in the world for cryptocurrency mining, first being China. Bitfury, a U.S.-based technology firm, could account for much of this mining activity, from its vast data center equipped with computer serves located on the outskirts of the countryís capital, Tbilisi. Expectedly, it has brought about lots of controversy over declarations that it collected excessively generous terms for its electricity bills.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Georgia. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below

Bybit

Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.

Pros
  • Advanced and secure technology
  • Anonymous accounts
  • Attractive trading bonuses
  • Very low fees
Cons
  • Limited asset coverage
  • No option instruments
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Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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