This small Caucasian nation has been only recently introduced to the potential of cryptocurrencies, but it seems that they have embraced it completely. Unfortunately, though, most crypto investors in the country do not have the necessary resources to fully realize their trading strategies on a much larger scale, therefore are forced to rely on international crypto brands.

This may not influence the country’s economy on a large scale, but it does divert some serious resources from the local market and invests it in overseas economies. The government is now slowly starting to notice these discrepancies in its economy and wants to take advantage of this growing industry as much as possible.

Unfortunately, however, every attempt at establishing a new crypto exchange in the country has fallen flat on its face. Every exchange had to be closed down due to horrible customer activity and very small scale investments coming from the few they already had.

Furthermore, most crypto exchanges were simply not up to par with their international counterparts. Things like missing margin trading opportunities, missing essential crypto pairs from the list of instruments and etc.

Furthermore, the exchanges at the time needed to justify their existence in the country basically. They had to provide proof that what they were providing for the customers was actually useful and could be used as anything other than security. Unfortunately, at that time, it was not possible to do so, therefore there was very little support from the government itself.

New horizons

After so much hardship, the Georgian crypto community still continued to develop well after the 2017 bubble burst. But the thing is that the government is not looking at the population using cryptocurrencies to somehow take action of implementing it in its economy, but it’s looking at corporations taking an interest in cryptocurrencies, or at the very least in the blockchain technology.

Thankfully, corporations have indeed started taking an interest in blockchain technology, but it may not be the brands the government wanted to feature on their future funding programs. The most interesting sector in blockchain technology for Georgians today is the iGaming industry.

But here’s the deal. They didn’t get this idea out of the blue. It was quickly apparent that the majority of their current or old customers were slowly starting to switch to alternatives in different markets. Evidence for this is this Playamo review here done by Georgian iGaming experts.

It outlines how Georgians are flocking to this brand due to their BTC-friendly platform, while local websites do not currently support cryptocurrencies.

And what’s the best way to force companies to innovate? Create a competitor that’s taking away their business of course!

Multiple platforms already have what it takes to implement this technology in their systems, not only through monetary resources but also through their technology experts.

iGaming companies employ the most tech experts in the country and therefore are believed to have the most experienced people working for them. Setting up a blockchain platform for them is no issue at all.

Does the government approve?

When we look at it politically, it’s definitely not something that the government should be interested in promoting at the moment. Once politicians start involving themselves with promoting things such as casinos, tobacco, or alcohol, there’s going to be an immediate backlash. And why wouldn’t there be? All 3 of these topics are extremely taboo.

But, behind the curtains, many politicians actually approve of this development. The former prime minister of Georgia even commented that blockchain technology could be an amazing addition to the Georgian economy but didn’t provide too many details on where they could be used.

Currently, the only place that blockchain will be implemented in is the educational system, and that alone is yet to start as well.