Tether and Georgia Forge Partnership to Foster Bitcoin Peer-to-Peer Infrastructure

Stablecoin Issuer Tether Signs MoU with Georgia to Develop Bitcoin P2P Infrastructure

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
• Developing a resilient, open, and private peer-to-peer communication system

Tether stated that the partnership with the government of Georgia will also focus on 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 about positive changes to public administration and the business sector.

Georgia will establish a special fund for local startups to provide assistance in developing blockchain technologies and positioning Georgia as a country with an attractive ecosystem for technological startups. Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development, stated 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.”

Tether’s collaborative effort in Georgia is not its first. Over the years, many crypto giants have worked closely with governments to foster the nascent technology. In most cases, these collaborative efforts often result in a better understanding of the technology by the respective governments, which eventually leads to positive regulation.

For example, 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 an MoU with Kazakhstan in May 2022 and, a year later, received compliance approval from the country.