The government of Georgia and stablecoin issuer Tether have signed a memorandum of understanding (MoU) to develop the country’s Bitcoin and peer-to-peer (P2P) infrastructure.
The strategic partnership between Tether and the Georgian government will concentrate on developing essential startup ecosystem infrastructure in Georgia.
This collaborative endeavor aims to attract international interest and investment in the emerging decentralized space. The partnership seeks to promote the growth of P2P technology at the state level and assist in developing related financial tools.
Education about Bitcoin and blockchain technology, the construction of payment infrastructure for merchants, and the creation of a resilient, open, and private P2P communication system are among the main areas of development.
Tether stated that the partnership with the Georgian government would also examine developing and implementing a robust, independent financial and communication system.
This involves promoting the adoption of digital payment and communication systems based on peer-to-peer technology and enhancing the existing infrastructure to guarantee its robustness and dependability in supporting blockchain-based solutions.
The collaboration aims to bring changes within the public administration and commercial sectors.
Georgia will establish a special fund for local entrepreneurs to assist in developing blockchain technologies and establish Georgia as a country with an attractive startup ecosystem.
Deputy Minister of Economy and Sustainable Development Irakli Nadareishvili stated that the collaborative endeavor “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 is not Tether’s first collaborative endeavor in Georgia. Numerous crypto companies have collaborated closely with governments to advance embryonic technology.
In most instances, collaborations result in a greater understanding of the technology by governments, which eventually leads to favorable regulation.
Bitfinex was El Salvador’s leading exchange technology partner, and the country’s first digital asset license was issued to the exchange.
El Salvador was the first country to make Bitcoin legal tender. Similarly, the crypto exchange Binance signed a memorandum of understanding with Kazakhstan in May 2022 and received government compliance approval a year later.
