Davitashvili: Introduction of Digital GEL is a Crucial Step for the Development of Financial Security

The introduction of digital GEL will be a very important stage for the efficiency of the financial system in Georgia, the simplification of payment systems, and the acceleration and reduction of financial services.

This will simplify and make a range of public services, including public services, accessible. More technology companies will enter Georgia and with this change, Georgia should be at the forefront of innovations. However, of course, change will take time. This is an important priority for us and we will work very closely with the National Bank of Georgia, - said Levan Davitashvili, Deputy Prime Minister, Minister of Economy and Sustainable Development, who participated in the International Conference on Digital Currency (CBDC) and Decentralized Finance (DeFi).

The conference was organized by the National Bank of Georgia and the USAID Economic Security Program with the participation of the World Bank. The aim of the conference was to promote dialogue between the public and private sectors on digital currency (CBDC) and decentralized finance (DeFi). Among them are various aspects of the CBDC system related to smart contracts and digitization of business transactions.

According to the Vice Prime Minister, the digitization of payment systems and the development of the financial ecosystem is an irreversible process that is in line with global trends and implies the growing use of modern technologies and innovative solutions.

He said that in recent years, Georgia has made significant progress in developing a financial and innovative ecosystem, including the digitization of financial services and the improvement of access to financial tools and regulatory frameworks.