Tether taps Georgia for Bitcoin infrastructure

Tether, the stablecoin issuer, has entered into a memorandum of understanding (MoU) with the government of Georgia to collaborate on the development of Bitcoin and peer-to-peer (P2P) infrastructure within the country. This strategic partnership aims to create essential infrastructure to support a thriving startup ecosystem in Georgia.

The collaboration between Tether and the Georgian government seeks to attract international attention and investment to the emerging decentralised space. The focus will be on promoting the growth of P2P technology at a state level and facilitating the creation of financial tools around it. Key areas of development include education on Bitcoin and blockchain technology, the establishment of payment infrastructure for merchants, and the development of a robust, open, and private P2P communication system.

Tether also plans to work with the Georgian government to build a strong, independent financial and communication system. This involves promoting the adoption of P2P technology-based digital payment and communication systems, as well as enhancing existing infrastructure to ensure its reliability and support for blockchain-based solutions. The partnership aims to bring about changes in public administration and the business sector.

In order to foster the growth of blockchain technologies and position Georgia as an attractive ecosystem for tech startups, the government will establish a special fund to support local startups. Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development, expressed that this collaborative effort will contribute to the development of local blockchain technologies and the introduction of companies operating in the sector.

Tether’s partnership with the Georgian government follows a trend of crypto companies working closely with governments to advance the understanding and regulation of blockchain technology. Similar collaborations have been seen in countries like El Salvador and Kazakhstan. While Tether did not respond to requests for comment, these partnerships are expected to have a positive impact on the adoption and integration of cryptocurrencies and blockchain technology globally.