Ekaterine Galdava, Vice-Governor of the National Bank of Georgia (NBG), participated in the 12th international Peer-to-Peer Financial Systems Workshop (P2PFISY) – Shaping the Future of Financial Systems, organized by the National Bank of Kazakhstan in Astana. The workshop was dedicated to current trends and future prospects in the development of financial systems and digital products.

The event brought together representatives of central banks, international organizations, academia, and the private sector to discuss issues related to financial infrastructure, payments, innovative digital technologies, data exchange, and enhancing the efficiency of financial systems.

During the panel discussion, Ekaterine Galdava spoke extensively about Georgia’s experience in modernizing payment systems. She highlighted the reforms implemented by the National Bank of Georgia, including the development of modern payment infrastructure, the introduction of ISO 20022 standards, and the creation of an instant payments ecosystem.

During the discussion, participants reviewed regulatory, supervisory, and technological development issues related to the virtual asset ecosystem. Ekaterine Galdava introduced the participants to the National Bank of Georgia’s approach to regulating the virtual asset sector. As she noted, the NBG initially introduced regulation of Virtual Asset Service Providers (VASPs) through the implementation of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) requirements. Starting from this year, prudential supervision has also been introduced for the sector, aimed at effective market risk management and strengthening consumer protection.

Participants also discussed the future of financial systems, the potential for applying various technological solutions, and the challenges associated with them. It was emphasized that the sustainable development of the financial sector requires an environment that promotes innovation while ensuring security, reliability, transparency, and compliance with international standards.

Alongside Ekaterine Galdava, Natalia Chkoidze, Head of the Payment Systems Department at the National Bank of Georgia, also participated in the event. During the meetings and discussions, NBG representatives shared Georgia’s experience with international partners regarding ongoing reforms in the payments sector, the modernization of payment infrastructure, and regulatory frameworks, thereby contributing to the international exchange of knowledge and best practices.