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Efrem Urumashvili

Ephrem Urumashvili: Bitcoin is the Least Risky Crypto Currency

The present-day finance system is actualizing the technology of crypto currencies. Fortunately, Georgia is zealously pursuing the development of this innovative technology and our country is expected to lighten up on the global map of new technologies thanks to the very BitCoin Mining.

The last developments, acts of terrorism in Paris and intensified terrorism threats have necessitated making financial transactions safe and transparent.

In these realities, BitCoin’s perspectives draw much interest, even more so Georgia is constructing a big processing datacenter.

Ephrem Urumashvili, a representative of BitFury Group in Georgia, talks about this innovative technology.

 – Increased terrorism hazards may generate certain restrictions in relation to crypto currencies. Will these restrictions touch BitCoin too?

– We should know estimations by leading economic editions and the economic world, in whole, to valuably assess the current situation around money mass turnover, in this case, the turnover of digital currency.

The newest information reports that the UK Treasury has developed a research after the acts of terrorism in Paris. According to this research, a crypto currency is assessed as the least risky currency.

As to the structure of BitCoin and its vulnerable aspects in terms of terrorism financial support, about a month ago the US Justice Ministry organized a meeting in San Francisco, where BitCoin manufacturing companies agreed to share information on the digital currency to the due services.

The absolute reality of the platform enables to fulfill this agreement. BitCoin is a crypto currency with a specific nomination or code. Moreover, the protocol of BitCoin, i.e. the process of making a BitCoin is absolutely open information.

– Is it a relevant and grounded opinion that the internationally wanted criminals may take control over BitCoin as the system independent from any central finance institutions?

– The global practice proves BitCoin is the least risky digital currency that is least applied in this sort of transactions, i.e. forbidden and criminal transactions. All operations that may be financed through BitCoins, including trade in drugs, trafficking and so on, will be immediately investigated by the FBI and other relevant services and all criminals will be identified.

Today, the persons interested in the Black Market maximally avoid using BitCoin in their transactions. They find electronic money the most convenient instrument. Unlike BitCoin, the electronic money has no nomination and so on.

Therefore, BitCoin is the most transparent digital currency that is controlled by the due services.

– What are the crypto currency perspectives in Georgia?

– We should consider BitCoin in the light of global importance. At the same time, we should also consider BitCoin in the light of Georgia’s nearest future. After the BitCoin processing datacenter in Gldani, Tbilisi, launches full-scale operation, our investors will learn that 90% of BitCoin’s full capacity is accumulated in Georgia. This signifies our country possesses cutting-edge technological systems and the datacenter modernized through modern technological systems. This is a shining signal to investors to consider Georgia as an interesting country, especially, in terms of digital currency production.

This innovation surpasses the potential of 100 plants. This signifies Georgia owns an entrance ticket to the future on the global map. This fact is the same success as drawing any other major investment.

The investors of our company aim to create a modeled place in Georgia, like a silicon field, where enterprises will enter from the nearest markets to finish their technological process in Georgia.

I would like to refer to several facts proving the BitCoin’s global acknowledgment. Namely, the European Court has recognized BitCoin as a currency. Moreover, Fidelity, the world’s biggest foundation with 1.5 trillion USD assets, has incorporated BitCoin technologies in making charity donations. As a result, the Fidelity’s BitCoin payment database currently registers more than 26 000 users. At the same time, outstanding payment companies, including American Express, are investors in this business. All these facts prove that BitCoin becomes the most requested and popular payment mechanism and we should be proud in the near future 90% of BitCoin mining will be carried out in our country, Georgia.