Europe

Georgia

Crypto-Forward Gateway Between Europe and Asia

Georgia has emerged as one of the most crypto-friendly countries in the Caucasus region. With low electricity costs and a business-friendly regulatory environment, the country has become a hub for crypto mining and fintech startups. The National Bank of Georgia is actively developing a regulatory framework for virtual asset service providers (VASPs), signaling a clear interest in legitimizing crypto usage in payments and commerce.

Key Indicators

• Over 5% of the population reportedly owns cryptocurrency.

• Ranked consistently in the top 20 for crypto adoption per capita.

• Tbilisi, the capital, has a growing number of cafes and services that accept crypto informally.

• The National Bank of Georgia is piloting digital Lari (CBDC), paving the way for regulated blockchain innovation.

Opportunities for PWC

• Position PayWithCrypto as a crypto-to-fiat bridge for cafes, tourism businesses, and local merchants in Tbilisi and Batumi.

• Collaborate with local regulators or fintech accelerators to pilot PayWithCrypto’s merchant-facing POS and SoftPOS infrastructure.

• Offer value for cross-border digital nomads using crypto while residing in Georgia.

• Build on Georgia’s CBDC initiatives to introduce hybrid payment flows (CBDC + USDT)

Russia (OTC-Driven Crypto Demand) Sanctioned but Crypto-Savvy — A Parallel Economy in the Making

Russia continues to be one of the largest crypto markets in terms of volume, despite international sanctions and banking restrictions. Over 17 million Russians are estimated to own crypto, and stablecoins like USDT are widely used for international transfers, savings, and peer-to-peer commerce — especially by freelancers, digital nomads, and expats abroad.

With restrictions on SWIFT and card networks like Visa and Mastercard, a parallel financial system has emerged — and crypto plays a central role. Russia’s central bank has also begun piloting the Digital Ruble, signaling an openness to blockchain infrastructure, albeit under tight government oversight.

Key Indicators

• Over $50 billion in crypto assets held by Russian citizens (Chainalysis, 2023).

• Russia ranked in the top 5 globally in crypto adoption (2022–2023).

• Strong demand for stablecoins, especially USDT on Tron and Ethereum.

• Informal OTC desks and crypto P2P trades are dominant in expat-heavy regions like Phuket, Dubai, and Turkey. Russian users abroad: 200K+ in Thailand alone

• Market Gap: No compliant retail payment rail with crypto

Opportunities for PayWithCrypto

• Enable direct crypto payments for Russian expats in Thailand, Georgia, Turkey, and other “safe havens” using PWC’s SoftPOS and SmartPOS infrastructure.

• Offer local businesses an alternative to high-risk, black-market OTCs through PWC’s regulated crypto-to-fiat channel.

• Leverage XCP loyalty to gamify usage for the Russian-speaking crypto community.

• Establish cross-border payment corridors targeting tourism, rental payments, education, and peer transactions between Russia and crypto-friendly countries.

• Align with Russia’s Digital Ruble initiative by offering parallel interoperability or dual support in merchant apps.

• Over $7.3B/year converted OTC by Russian expats and travelers

• In regions like Phuket, crypto is the only spending option for many

• PayWithCrypto can eliminate manual OTC conversion risks, provide on-chain tracking, and offer compliant merchant tools