Georgia’s Gov’t to Ban Online Loans

TBILISI – Georgia’s government is preparing a consumers rights protection package according to which online loans will no longer be issued. The statement was made by Georgia’s Prime Minister, Giorgi Kvirikashvili at the first meeting of new Cabinet on Wednesday.

“Online loans will be banned, as requested by our citizens,” the PM said.

Moreover, according to Kvirikashvili, the cost of running a gambling business will increase. He explained that the change will ensure the mobilization of additional resources into the budget that will be spent on infrastructural projects of vital importance to the country, as well as on strengthening Georgia’s transit function, healthcare and the implementation of social projects. 

“We will need some time to select the best model for online casinos but some steps in this direction will be taken shortly,” said Finance Minister Dimitry Kumsishvili, adding that active consultations are underway in relation to the issue and the government would need 6-8 months to regulate the field.

"Online casinos are a social problem and we think it is especially important to protect young people. I had a lot of consultations with international consultants and we are taking steps to get it done,” Kumisishvili stated.

By Thea Morrison