Stablecoin issuer Tether has signed a memorandum of understanding (MoU) with the government of Georgia to develop Bitcoin and peer-to-peer focused infrastructure in the country. The Strategic collaboration between the stablecoin issuer and the Georgian government will focus on building key infrastructure for a thriving startup ecosystem in Georgia.
The collaborative effort between the two parties aims to attract international attention and investment towards the nascent decentralized space. The partnership will aim at flourishing the P2P technology at a state level and help build financial tools around it. Some of the key areas of development include education on Bitcoin and blockchain technology, building payment infrastructure for merchants and developing a resilient, open and private peer-to-peer communication system.
Paolo Ardoino (CTO, Tether) and Irakli Nadareishvili (Deputy Minister of Economy and Sustainable Development) signing the MOU for the collaboration between Tether and the Government of Georgia to develop Blockchain, #Bitcoin and Peer-to-Peer Infrastructure. pic.twitter.com/g3LayZxDPX
— Tether (@Tether_to) June 28, 2023
Tether said that the partnership with the government of Georgia will also look at creating and implementing a strong and autonomous financial and communication system. This entails encouraging the adoption of peer-to-peer technology-based digital payment and communication systems, as well as improving existing infrastructure to ensure its robustness and dependability in supporting blockchain-based solutions. The alliance intends to bring a change to the public administration and the business sector.
Georgia will create a special fund for local startups in order to provide assistance to develop blockchain technologies and position Georgia as a country with an attractive ecosystem for technological startups. Irakli Nadareishvili, deputy minister of economy and sustainable development said that the collaborative effort “will contribute to the development of local blockchain technologies in the country, as well as the introduction of companies operating in this sector in Georgia.”
Related: Peer-to-peer crypto exchanges struggle to navigate shifting legal landscape
Tether’s collaborative effort in Georgia is not its first and over the years not just Tether, many crypto giants have worked closely with governments to flourish the nascent technology. In most cases, the collaborative efforts often translate into a better understanding of the tech by the respective governments which eventually leads to positive regulation.
El Salvador the first country to make Bitcoin a legal tender had Bitfinex as its key exchange technology partner and eventually granted the first digital asset license to the exchange as well. Similarly, crypto exchange Binance signed MoU with Kazakhstan in May 2022 and a year later received compliance approval from the country.
Tether didn’t respond to Cointelegraph’s requests for comments at the time of publishing.
Magazine: Cryptocurrency trading addiction: What to look out for and how it is treated
