The national Bank of Georgia warns about the risks of using cryptocurrency

National Bank of Georgia has issued a warning about the risks associated with the use of cryptocurrency.

«Virtual currency in Georgia is not a legitimate means of payment. Related activities are not regulated by the legislation of Georgia, and accordingly, the virtual currency is not a regulation of the National Bank», – underlined in the message.

The regulator recommends that you draw attention to the fact that digital currencies are characterized by a large fluctuation of prices, which, more likely, influenced by speculative expectations. Accordingly, due to the instability of the value of virtual currencies, consumers may face a potential financial loss.

The national Bank also stressed that in the case of cryptovault, there is no Central authority, making the process of solving problems/claims consumers will be significantly hampered.

«A significant part of trade in this virtual currency using exchange platforms and digital media, created in different countries, and in some cases, their legal status is unclear. Accordingly, consumers who use such platforms to perform different operations, it may face both legal and financial risk. However, such platforms are potential targets of cyber attacks and the anonymity or pseudonymity of virtual currency makes it attractive for illicit activities, including money laundering».

In this regard, the national Bank urges citizens to exercise caution when using cryptocurrency.

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