In the midst of this week’s electrifying gathering at the World Economic Forum in Davos, a rendezvous of titans unfolded, capturing the world’s attention.
Brad Garlinghouse, the trailblazing CEO of the widely embraced cryptocurrency juggernaut, Ripple, found himself in a fascinating tête-à-tête. His counterpart? Iraki Garibashvili, the Prime Minister of Georgia, a nation entwined with a checkered human rights record and a history marked by a strained relationship with LGBTQ rights.
On the 23rd of May, in a bold display of diplomacy and digital innovation, Garibashvili took to Twitter to announce his encounter with Garlinghouse. The Prime Minister shared Georgia’s grand vision for the future of blockchain and regulatory frameworks. He proudly proclaimed their status as the inaugural country to embrace blockchain in the realm of public services.
The world watched with bated breath as Garlinghouse himself retweeted this historic meeting, hailing it as “an honor.” An honor indeed, as the leader of one of the most influential players in the cryptocurrency universe engaged with a world leader on the grand stage of the World Economic Forum.
However, amidst this spectacle, it’s crucial to acknowledge Georgia’s aspirations for European Union membership. In recent years, they’ve sought to amplify their commitment to human rights and the rule of law. Yet, beneath the veneer of progress, Garibashvili’s government has been criticized for its adversarial stance towards journalists, activists, and political dissidents.
In a chilling incident in July 2021, a planned LGBTQ pride event faced cancellation after Garibashvili deemed it “unacceptable” for a significant portion of Georgian society. What followed was a tumultuous scene of approximately 3,000 far-right demonstrators wreaking havoc through Tbilisi. They left a trail of destruction, attacking opposition protest sites, assaulting over 50 journalists, and tragically leading to the death of one journalist.
The U.S. State Department’s 2021 report on human rights in Georgia paints a troubling picture, documenting widespread wiretapping and surveillance of journalists, NGOs, clergy, business figures, and opposition politicians. NGOs like Transparency International and the Open Society Foundation issued statements alleging the politicization of the State Security Service under Garibashvili’s leadership.
In a world marred by government-sanctioned human rights violations, the Garlinghouse-Georgia meeting captivates attention for its audacious alliance. Unlike China, Georgia doesn’t typically feature as a top business destination for U.S. CEOs. In the past, Georgia held a prominent position in cryptocurrency mining, but it was later eclipsed by China and, more recently, the United States.
Details about Garlinghouse’s meeting remained elusive, with Ripple maintaining a tight-lipped stance. However, a Georgian news outlet reported that Georgia extended an invitation to Ripple to establish a business hub in the country.
Intriguingly, Ripple’s XRP, like many cryptocurrencies, experienced tumultuous price fluctuations in recent months. As of May 25, it had descended to less than half its value at the start of the year. Nevertheless, Ripple remains a formidable player in the cryptocurrency arena, with a market capitalization of $18.7 billion. Ripple has been unwavering in its battle against a 2020 lawsuit filed by the Securities and Exchange Commission, alleging illegal securities offerings.
In a world where the realms of finance, technology, and diplomacy collide, this encounter between Brad Garlinghouse and Iraki Garibashvili serves as a captivating tableau, where innovation meets geopolitics in the hallowed halls of Davos.
