In Georgia, it has been proposed to legally enshrine the status of the digital lari and grant the National Bank of the country the exclusive right to issue it. The corresponding bill, initiated by parliamentary majority deputies, provides for amendments to the organic law "On the National Bank of Georgia." The concept of "digital money" will appear in the legislation, and the regulator's powers will be clarified.
According to the initiative, the digital version of the lari will receive the status of a monetary sign on par with banknotes and coins. Digital lari issued into circulation or sold will become an unconditional obligation of the National Bank at face value. The regulator will also control the volume of cash and digital money and determine their issuance plans. Copyrights for the digital version of the national currency will be assigned to the National Bank.
At the same time, the bill explicitly prohibits issuing digital lari for direct financing of the state budget deficit. As noted in the explanatory note, the National Bank is already studying international experience and modern digital currency technologies. The new norms should create a legal basis for launching pilot projects by analogy with initiatives of the European Union and other countries.