Ripple’s CEO Brad Garlinghouse discussed blockchain technology and crypto with the Prime Minister of Georgia – Irakli Garibashvili and Vice Prime Minister Levan Davitashvili at the World Economic Forum 2022. The annual event was held in Davos, Switzerland.
Garlinghouse shed light on the lack of regulatory certainty in the crypto sector. Acknowledging that regulatory clarity is a problem, he said it needs to be addressed. Garlinghouse highlighted that the US is trailing behind in establishing clear standards for the crypto industry. It should be noted that Ripple is currently battling a lawsuit from the US’s Securities and Exchange Commission (SEC) for the sale of its digital coin XRP in 2013.
The Georgian PM tweeted that he shared the country’s vision on the future of blockchain and regulation with Ripple’s CEO. Garibashvili said they aim to evolve as a tech and innovations hub. Moreover, the local Georgian media said the PM invited Garlinghouse to launch a corporate service center in Georgia given the former Soviet Republic’s favorable business terrain and stable political environment. Georgia is the flag bearer of blockchain technology. It is the first country in the world to implement the new age technology in public services – in the land registry process.
Garibashvili said Georgia is becoming a global and regional multifunctional hub for financial services and technical and innovative industries. The country has emerged as a global leader in terms of ease of doing business. Furthermore, the PM shared that his government had created a draft legal framework for the regulation of virtual assets. The bill is being discussed with stakeholders and will be submitted to the Parliament later this year.