Tetherone of the leading stablecoins in the cryptocurrency market, recently signed a Memorandum of Understanding (MoU) with Georgia with the aim of developing a Peer-to-Peer (P2P) infrastructure for Bitcoin.
This strategic collaboration aims to bring about significant changes in public administration and the business sector. By joining forces, Tether and Georgia seek to boost the adoption and use of Bitcoin by facilitating P2P transactions and strengthening the blockchain ecosystem.
Development of P2P Bitcoin infrastructure in Georgia thanks to Tether
The issuer of the stablecoin, Tether, recently signed a memorandum of understanding with the government of Georgia with the aim of develop Bitcoin and Peer-to-Peer (P2P) infrastructure in the country. This strategic collaboration between Tether and the Georgian government focuses on creating key infrastructure to foster an ecosystem of startups flourishing in Georgia.
The goal of this collaborative effort is to draw international attention and investment to this growing decentralized space. The partnership aims to support the development of P2P technology at the state level and to contribute to the creation of financial tools based on this technology.
Among the main areas of development are raising awareness of Bitcoin and blockchain technology, creating an infrastructure for merchants and the development of a resilient P2P communication system, open and private. Tether also said that the partnership with the Georgian government aims to create and implement a solid and autonomous financial and communication system.
This involves encouraging the adoption of digital payment and communication systems based on P2P technology, as well as improving the existing infrastructure to ensure its robustness and reliability in supporting blockchain-based solutions. This collaboration aims to bring about changes in public administration and the business sector.
Fostering the blockchain startup ecosystem in Georgia
Georgia will put in place a special fund to support local startups in the development of blockchain technologies and for position the country as an attractive ecosystem for tech startups.
Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development, said that this collaborative effort:
“Will contribute to the development of local blockchain technologies in the country, as well as the establishment of companies operating in this sector in Georgia.”
Tether’s collaboration in Georgia is not a first for the company. Over the years, many cryptocurrency companies have worked closely with governments to advance this emerging technology. In most cases, these collaborations have enabled governments to better understand this technologywhich eventually led to positive regulation.
Paolo Ardoino, technical director of Tether, underlined that this alliance marks an important step for the company while by strengthening its status as an infrastructure provider in the global Web3 space. This strategic collaboration is expected to effectively consolidate the status of Georgia as a breeding ground for P2P and blockchain technologythus sparking a real revolution in innovation and economic growth.
Tether continues to drive global cryptocurrency adoption, earlier this month Tether partnered with President Nayib Bukele of El Salvador to create a bitcoin mining facility powered by a volcano, which has been much talked about. Tether also recently signaled its intention to launch bitcoin mining operations in Uruguay, as part of its commitment to make cryptocurrencies accessible to all.
Sources: Tether, cointelegraph