Tether Signs MoU with Georgia for Blockchain Development & P2P

Tether signed an MOU with the Government of Georgia on June 28, 2023, to develop the country’s blockchain, Bitcoin, and P2P infrastructure. With this strategic collaboration, the country wishes to be a hub for peer-to-peer (P2P) and blockchain technology. The Memorandum of Understanding (MoU) also hints toward the commitment of the stablecoin operator to advancing technology.

MoU Between Georgia & Tether for Advancement of Blockchain Technology

Paolo Ardoino, Tether CTO, said that with this collaboration, the company and Georgia wish to create a favorable environment for the usage of P2P technology. This collaboration can be considered a milestone for the blockchain company to reinforce its position as a trustworthy infrastructure partner.

The digital asset ecosystem is evolving constantly. The company recognizes the need to accept changes and diversify its offerings portfolio. It has to work beyond just providing stability through USDT. As the company possesses a deep understanding and experience in the field, it could help more cities and countries adopt blockchain technology.

The collaboration between Tether and Georgia would focus on creating a favorable environment for decentralized solutions and P2P startups. It aims at catering to the budding startup ecosystem in Georgia, especially the ones working with digital assets and blockchain technology. With this MoU, both parties hope to garner attention from venture capitalists, which would stimulate innovation in the country.

Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development, spoke about the MoU. The company said to create a special fund for local startups assisting in developing blockchain technology in the country. With this system, Georgia might emerge as a country with an attractive ecosystem for technology entrepreneurs.

Nadareishvili added that this collaboration would also serve as an essential incentive to fuel the growth of the local startup ecosystem. A dedicated fund will be established to push the development in the blockchain arena. It would then facilitate investments and grants to the bidding firms developing blockchain-based services.

This initiative not only aims to help the local startup ecosystem but would also foster international collaborations. If this happens, cooperation and support from foreign entities will accelerate entrepreneurial ventures and innovations.

With this MoU, both parties would also explore the possibilities for developing a robust and independent communication and financial system. It shall include adopting digital payment and communication systems based on P2P technologies. Using blockchain technology, the partnership aims to transform public administration and the private sector to deliver effective and reliable customer services.

Per the MoU, both parties will work closely with local academic institutions to empower students and professionals with the skills required to hike the trek of the crypto industry. This includes a previously announced collaboration with Business and Technology University (BTU) to develop educational programs and initiatives.

By joining forces, both parties involved in the MoU wish to turn Georgia inot a global leader in peer-to-peer and blockchain technology. This collaboration could paint the country’s image as an attractive destination for crypto professionals and companies worldwide.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing