Georgian Government Uses Blockchain to Promote Its Wines as the U.S. seeks to regulate Stablecoins.


Author: Jeffrey Taylor

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The Georgia Government, on Wednesday, seeks to bring its wine industry to the 21st century by accepting collaboration with Blockchain to put its wine-making industry to the world’s forefront.

Businessman Offering a Bitcoin

Currently, Georgia has a long-standing history of wine production for more than 8000 years. The wine industry in Georgia still maintains a large part of the tradition known to winemakers in the past. For example, they still use the traditional clay storage vessels for the maturation process instead of more modern wooden barrels.

So far, the country has more than 500 grape varieties with more than 1800 producers. Their wine export in 2019 reached 94 million bottles. And to make the industry more appealing to the growing population, the Georgia government has partnered with Wiv to add Blockchain to their payment system.

Exploiting the Emerging NFT Market

This partnership will see Georgia wines transformed into NFT, which are backed by actual bottles. They will be available on the Wiv platform, which will allow users to buy and sell with greater confidence. Wines that will be added to the platform will come with digital certificates that will highlight their provenance.

These newly converted NFTs would also be available on Crypto exchange platforms like Binance and Coinbase for those interested to buy, sell or exchange. It is an excellent way to get publicity among crypto users and, at the same time, provide stability for the wine industry.

According to their press release, this strategy will include developing quality assurance for the Georgian wine. A panel of experts has been set up to test vintages and report their findings which will help the Georgian wines meet merchants’ demands.

The U.S. treasury department seeks to regulate Stablecoins.

Meanwhile, the U.S. Department of the treasury on Wednesday has announced the beginning of procedures for the regulations of stablecoin. The meeting took place on Monday and was joined by the Federal Deposit Insurance Corporation FDIC office and the Office of the Comptroller of Currency OCC.

“In the meeting, participants discussed the rapid growth of stablecoins, potential uses of stablecoins as a means of payment, and potential risks to end-users, the financial system, and national security,” the announcement detailed.

The secretary of the Treasury’s Office, Janet Yellen, stated that the meeting which was with the President’s Working Group on Financial Markets PWG marked the need to act fast to ensure there is a working regulation that is set in motion for stablecoins; experts in the panel will create recommendations in coming weeks.

Regulators for different countries are implementing increased efforts to regulate stablecoins; a leading example is the bank of England which has said that payments made with Stablecoins should be regulated just as bank payments.

Some regulators even see stablecoins as posing financial stability risks. In November last year, ECB President Christine Lagarde said that stablecoins, such as the Facebook-backed crypto, could pose “serious risks.” If widely adopted, “they could threaten financial stability and monetary sovereignty,” she said.

And just last week, Fed Chairman Powell mentioned that once you had the digital U.S. currency, you would not need stablecoins or cryptocurrencies.

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Jeffrey Taylor is a retired mechanical engineer who has an interest in all things financial, including emerging markets and cryptocurrencies.