Tether Collaborates with Georgia to Foster Bitcoin P2P Infrastructure Development

Tether, a prominent stablecoin issuer, has entered into a memorandum of understanding (MoU) with the government of Georgia to collaborate on the development of Bitcoin and peer-to-peer (P2P) infrastructure in the country. This strategic partnership aims to establish vital infrastructure to support a thriving startup ecosystem in Georgia.

The joint effort between Tether and the Georgian government will seek to attract international attention and investment to the emerging decentralized space. The primary focus of this collaboration is to promote P2P technology at the state level and facilitate the creation of financial tools centered around it. Key areas of development will include education on Bitcoin and blockchain technology, the establishment of payment infrastructure for merchants, and the development of a resilient, open, and private P2P communication system.

Tether has expressed its commitment to creating and implementing a robust and autonomous financial and communication system through this partnership with the Georgian government. The initiative aims to encourage the adoption of P2P technology-based digital payment and communication systems while enhancing existing infrastructure to ensure its effectiveness and reliability in supporting blockchain-based solutions. The alliance intends to drive transformative change in public administration and the business sector.

To support local startups and foster the development of blockchain technologies, Georgia will establish a special fund that provides assistance and resources. The fund will position Georgia as an attractive ecosystem for technological startups. Deputy Minister of Economy and Sustainable Development, Irakli Nadareishvili, emphasized that this 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.”

This partnership between Tether and the Georgian government exemplifies the growing trend of crypto giants collaborating with governments to advance nascent technologies. Such collaborative efforts often lead to increased understanding of the technology by governments and pave the way for favorable regulatory frameworks.

For instance, Bitfinex, a key exchange technology partner, played a crucial role in El Salvador’s adoption of Bitcoin as legal tender and was subsequently granted the first digital asset license by the country. Similarly, Binance, a leading cryptocurrency exchange, signed an MoU with Kazakhstan in May 2022 and received compliance approval from the country a year later.

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