Tether signs MoU with Georgia to develop Bitcoin P2P infrastructure

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Stablecoin issuer Tether has signed a memorandum of understanding with the Georgian government to develop bitcoin and peer-to-peer (P2P) infrastructure in the country. The strategic collaboration between Tether and the Georgian government will focus on building key infrastructure for a thriving startup ecosystem in Georgia.

The collaborative effort aims to draw international attention and investment to the emerging decentralized space. The partnership aims to foster the growth of P2P technology at the state level and help build financial tools around it. Some of the key development areas include education about Bitcoin (BTC) and blockchain technology, building payment infrastructure for merchants, and developing a resilient, open, and private P2P communication system.

Tether said that the partnership with the Georgian government would also aim to create and implement a strong 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. The collaboration aims to bring about changes in public administration and the business sector.

Georgia will create a special fund for local startups to help develop blockchain technologies and position Georgia as a country with an attractive ecosystem for tech startups. Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development, said 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.

Related: Peer-to-Peer Crypto Exchanges Struggle to Navigate a Changing Legal Landscape

Tethers’ collaborative effort in Georgia isn’t the first and over the years, not just Tether, many crypto giants have worked closely with governments to help the fledgling technology thrive. In most cases, collaborative efforts often result in a better understanding of the technology by the respective governments, which ultimately leads to positive regulation.

El Salvador, the first country to make Bitcoin legal tender, had Bitfinex as its main exchange technology partner and eventually granted the exchange the first digital asset license as well. Similarly, crypto exchange Binance signed a memorandum of understanding with Kazakhstan in May 2022 and a year later received the country’s compliance approval.

Tether did not respond to requests for comment from Cointelegraphs at the time of publication.

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