The National Agency of Public Registry under the Ministry of Justice has launched the use of an innovative product – the “Smart Contract” system. The “Smart Contract” system enables a new way of carrying out traditional transactions. Payment and property registration are completed simultaneously—parties can conclude a sale and purchase agreement in digital form, remotely, using an internet-connected electronic device. In addition, mortgages can also be registered through the “Smart Contract” system using the same method. The introduction of this system in real estate transactions is particularly important for emigrants. Through this innovative digital product, Georgians living abroad will be able to purchase real estate in Georgia without intermediaries or powers of attorney. Citizens can already book a virtual meeting with an agency representative to use this service via the official website of the National Agency of Public Registry: www.napr.gov.ge
The concept of the new service was presented by the Minister of Justice, Rati Bregadze, to members of the executive government, the President of the National Bank, and representatives of financial institutions, while the system presentation was delivered by Davit Devidze.
The event was attended by Vice Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili, Minister of Foreign Affairs Ilia Darchiashvili, President of the National Bank Natia Turnava, members of the Parliament of Georgia, the Public Defender, the President of the Business Association, representatives of the Ministry of Justice and the National Agency of Public Registry, as well as other invited guests. The event was also attended by stakeholders involved in the implementation of the “Smart Contract” system, including commercial banks, developers, and members of the World Bank.
