Tether signs MoU with Georgia to develop Bitcoin P2P infrastructure

Tether and Georgian Government Collaborate on Bitcoin and P2P Infrastructure

Tether, a stablecoin issuer, has inked a Memorandum of Understanding (MoU) with the government of Georgia to construct Bitcoin and peer-to-peer infrastructure in the nation. The strategic association between the stablecoin issuer and the Georgian government will concentrate on constructing essential infrastructure for a prosperous startup atmosphere in Georgia.

The joint venture between the two entities seeks to draw international focus and investment to the budding decentralized realm. This partnership intends to nurture P2P technology in a governmental context and help construct monetary instruments around it. Some of the main areas of progress consist of teaching on Bitcoin and blockchain technology, creating payment systems for merchants and creating a strong, open and secure peer-to-peer communication system.

Tether stated that in collaboration with the government of Georgia, they will be working towards establishing and executing a strong, self-governing financial and communication network. This includes stimulating the utilization of peer-to-peer technology-based digital payment and communication systems, as well as bolstering the existing infrastructure to guarantee its durability and reliability in accommodating blockchain-based solutions. The partnership is expected to bring about a transformation to both the public sector and commercial sector.

Georgia is establishing a special fund to support local startups in their endeavors to create blockchain technologies and make the country a more attractive environment for technological startups. Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development, commented on the project, noting that it “will aid in the growth of local blockchain technologies in the nation, as well as the introduction of companies that specialize in this field into Georgia.”

Crypto Giants Working Closely with Governments to Further Development of Technology

Peer-to-peer cryptocurrency exchanges have difficulty adjusting to the ever-changing legal environment.

Tether’s collaboration in Georgia is not its first, and over time, not only Tether, but many other crypto giants have worked closely with governments to further the development of this nascent technology. Generally, these collaborative efforts result in a greater comprehension of the technology by the respective governments, which often leads to beneficial regulation.

El Salvador, the first nation to recognize Bitcoin as a legal tender, had Bitfinex as its key exchange technology partner and eventually gave the exchange its first digital asset license. Likewise, crypto exchange Binance signed a Memorandum of Understanding with Kazakhstan in May 2022 and was granted compliance approval from the country a year later.

Tether did not reply to Cointelegraph’s inquiries when this article was published.

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