Crypto in Georgia is all about everyday payments — not getting rich: a tbilisi city guide

Tbilisi’s streets are filled with small, informal “crypto exchanges” — often just local money changers armed with a Binance account. But in Georgia, crypto isn’t viewed primarily as a get-rich-quick investment. Instead, it has quietly become a practical tool for payments and remittances.

A brief history of Tbilisi

Legend has it that Tbilisi was founded after King Vakhtang I of Iberia lost his falcon during a hunt, only to discover it burned alive in a natural sulfur hot spring. The king was so impressed by the warm waters and strategic location that he ordered the land cleared and a city built.

The city only became the capital of a unified Georgian state in the 12th century under King David IV, known as “the Builder.” Since then, Tbilisi has been shaped by a long and turbulent past, falling under the influence of Romans, Seljuks, Persians, Arab rulers, the Russian Empire and later the Soviet Union.

Thanks to its position on the Silk Road, Tbilisi has always been a crossroads. Travellers from Europe and Asia passed through, and communities from Germany, Armenia, Azerbaijan, Russia and more settled in the city. Today, Tbilisi remains diverse, also hosting a modest but growing population of digital nomads drawn by easy visas, low taxes and affordable living.

Crypto culture: fast payments, not speculation

In Georgia, crypto is used far more for sending money than for speculation. Stablecoins like USDC and USDT — especially on low-cost chains such as Tron and Solana — dominate the scene.

Giorgi Tushurashvili, CMO and partner at the exchange Bitnet, explains that stablecoins are regularly used for “remittances or payments, buying apartments, stuff like that, to get money in and outside of the country.”

Informal crypto meetups take place across Tbilisi in hostels, cafes and bars, alongside regular conferences and hackathons. According to Marie Giorgobiani, CEO of Degamefi, about half of the previous year’s speakers flew in from abroad.

The government has taken steps to support the sector, working with businesses on crypto regulations and offering grants through the Georgian Innovation and Technology Agency (GITA). Twice a year, startups can apply for around $50,000–$60,000 in equity-free funding.

Still, officials do not fully understand blockchain technology, and crypto startups often struggle to secure grants. Georgia has also adopted regulations closely modelled on the EU’s MiCA rules, which some in the industry believe may limit innovation.

Projects and players in the georgian crypto scene

Georgia hosts both homegrown crypto companies and well-known international names. Mining giant Bitfury operates in the country, attracted by cheap hydroelectric power. Ripple was chosen as the technological partner for Georgia’s planned central bank digital currency, the digital lari. Binance has also been active, signing an MoU with GITA to promote blockchain education.

Local companies include Degamefi, Bitnet, Arena Games, CityPay, Cryptal, and several regional exchanges. The Georgian National Blockchain Agency, alongside media group Crypto Bazari, work to promote adoption and education.

Despite the activity, Georgia has yet to produce a breakout tech success story. Many startups remain focused on local problems rather than global markets. But many believe Georgia’s “big moment” is still ahead.

Financial infrastructure: A high tech, low-cash society

Georgia’s banking landscape is dominated by TBC Bank and Bank of Georgia, both of which operate slick mobile apps used widely across the country. Almost every business — from supermarkets to tiny fruit stands — accepts card payments.

Tushurashvili notes that he rarely carries cash: “Maybe 20 lari, just in case.”

Because digital payments are already so convenient, the purpose of the proposed digital lari remains unclear to some industry figures.

Alongside licensed crypto exchanges, Tbilisi is filled with makeshift crypto-to-cash shops where people can buy crypto or withdraw in lari or dollars. These informal exchange points were largely unregulated until last year, when the National Bank of Georgia began enforcing proper KYC requirements.

For many Russians and Ukrainians living in Tbilisi, these outlets have been essential for moving their savings abroad after sanctions and currency controls tightened in 2022. Crypto ATMs are also common in the city centre, although they mostly support crypto purchases rather than cash withdrawals.

Where you can spend crypto in Tbilisi

Thanks to payment services like Binance Pay and CityPay, more and more businesses are accepting crypto payments — more than 200, by some estimates. Hotels such as the Radisson allow customers to pay directly in crypto, and small cafés, bars and bookshops frequently offer the option too.

Krab Coffee and Bar in the trendy Vera neighbourhood began accepting crypto for practical reasons. For foreign customers, crypto payments can be cheaper due to lower bank fees. For Russian tourists — whose cards often don’t work abroad because of sanctions — crypto is sometimes the only convenient option.

The café doesn’t hold crypto itself; payments are instantly converted into lari. “It’s just more comfortable for people,” the owners say.

A few novelty venues have also appeared, such as Crypto Bar near Fabrika and Crypto Cafe Georgia, though both closed within months. While fun at first, the novelty wasn’t enough to sustain them.

Disclaimer

This rewritten article is based on an original piece published by Cointelegraph Magazine. You can read the original at https://cointelegraph.com/magazine/.