Cheer for bitcoin, Ethereum and Ripple: Georgia and Uzbekistan to accept crypto-currencies

Last Updated: Thu, Mar 01, 2018 14:11 hrs
Bitcoin (Image Courtesy: Reuters)

There is good news for crypto-currency users. This after, fear of using crypto-currency in markets such as China (banning ICOs), India, and South Korea,

After Venezuela and Switzerland, Georgia could become the next to formally accept cryptocurrency to have a value. Recently, Swiss policymakers including the Finance Minister and Minister for Economic Affairs, had shared their positive intent on crypto-currencies and blockchain technology. Venezuela's president Nicolas Maduro too suggested that universities should be offered resources to conduct nationwide mining farms.

Georgia, a state in the United States will become the second state in US to propose a law to allow payment of taxes in bitcoins. Senators Joshua McKoon and Michael Williams have proposed a bill on February 21, that looks at driving bitcoin like legislations similar to the state of Arizona.

If passed, Georgian citizens could use currencies such as Ripple, Cardano, Neo, Ethereum, Bitcoin Cash, Bitcoin Gold, and the regular Bitcoin to pay taxes.

The country of Uzbekistan too has hinted that it is planning to accept crypto-currencies formally. Uzbeki Electronic media quoted President Shavkat Mirziyoyev, saying that a draft plan is on way, and in a few months, the central government may start accepting crypto-currencies.

On Thursday, Bitcoin was trading at $10608, up by nearly 3% from the previous trading session but lower than $11,200 levels set on February 20.

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