Stablecoin issuer Tether has signed a memorandum of understanding (MoU) with the government of Georgia to foster the development of Bitcoin and peer-to-peer (P2P) infrastructure in the country. The alliance aims to build essential foundations for a thriving startup ecosystem in Georgia and attract international attention and investment in the decentralized space.
The collaboration between Tether and the Georgian government will focus on several key areas of development. This includes educating the public about Bitcoin and blockchain technology, establishing payment infrastructure for merchants, and creating a resilient and private P2P communication system. Additionally, the partnership aims to encourage the adoption of P2P technology-based digital payment and communication systems while strengthening existing infrastructure to support blockchain solutions effectively.
Georgia plans to establish a special fund to assist local startups in developing blockchain technologies, positioning the country as an attractive ecosystem for technological startups. Irakli Nadareishvili, the deputy minister of economy and sustainable development, believes that this joint effort will contribute to the growth of local blockchain technologies and the introduction of companies operating in the sector in Georgia.
Tether’s collaboration with Georgia is part of a broader trend where crypto industry giants have been working closely with governments to promote the adoption and regulation of emerging technologies. These collaborations often result in improved understanding of the technology by governments, leading to favorable regulatory frameworks. Notable examples include Bitfinex partnering with El Salvador, which became the first country to adopt Bitcoin as legal tender, and Binance signing an MoU with Kazakhstan, followed by compliance approval from the country.
By forging this partnership, Tether aims to create a strong and autonomous financial and communication system in Georgia. The ultimate goal is to drive positive changes in public administration and the business sector, fostering innovation and economic growth through blockchain technology.