Stablecoin Issuer Tether sign Signed a Memorandum of Understanding (MoU) with the Georgian government to develop Bitcoin and peer-to-peer (P2P) infrastructure in the country. The strategic partnership between Tether and the Georgian government will focus on building critical infrastructure for Georgia’s thriving startup ecosystem.
The collaboration aims to attract international attention and investment in the emerging decentralized space. The partnership aims to promote the development of P2P technology at the state level and help build financial tools around the technology. Some key areas of development include education on Bitcoin (BTC) and blockchain technology, building payment infrastructure for merchants, and developing resilient, open, and private P2P communication systems.
Paolo Ardoino (CTO of Tether) and Irakli Nadareishvili (Deputy Minister of Economy and Sustainable Development) signed a memorandum of understanding for Tether to cooperate with the Georgian government in the development of blockchain, #bitcoin and peer-to-peer infrastructure. pic.twitter.com/g3LayZxDPX
— Tether (@Tether_to) June 28, 2023
Tether said the partnership with the Georgian government will also look at creating and implementing a robust, autonomous financial and communications system. This requires encouraging the adoption of digital payment and communication systems based on P2P technology and improving existing infrastructure to ensure its robustness and reliability in supporting blockchain-based solutions. The collaboration aims to bring about change in the public administration and business sectors.
Georgia will set up a special fund for local start-ups to help develop blockchain technology and position Georgia as a state with an attractive ecosystem for tech start-ups. Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development, said that the cooperation “will contribute to the development of local blockchain technology in the country, as well as the introduction of companies working in the industry in Georgia.”
related: Peer-to-peer cryptocurrency exchanges grapple with changing legal landscape
This is not the first time Tether has partnered in Georgia. Over the years, many cryptocurrency companies have worked closely with governments to promote the development of this nascent technology. In most cases, collaboration can translate into a better government understanding of the technology, ultimately leading to proactive regulation.
El Salvador was the first country to make bitcoin a legal tender, with Bitfinex serving as its main exchange technology partner and granting the exchange the country’s first digital asset license. Likewise, cryptocurrency exchange Binance signed a memorandum of understanding with Kazakhstan in May 2022 and received government approval for compliance a year later.
Tether did not respond to Cointelegraph’s request for comment.
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