Tether, a stablecoin issuer, has signed a memorandum of understanding (MOU) with the government of Georgia to develop Bitcoin and peer-to-peer (P2P) infrastructure in the country.
The Cooperation Seeks to Transform Government Operations and the Commercial Sector
The collaboration intends to support the development of P2P technology at the state level and assist in the creation of financial instruments around it. Education on Bitcoin and blockchain technology, the creation of payment infrastructure for businesses, and the creation of a robust, open, and private P2P communication system are some of the important development areas.
Georgia will also establish a dedicated fund for local entrepreneurs to support the development of blockchain technologies. The cooperation seeks to transform government operations and the commercial sector while bringing attention and investment from around the world to the emerging decentralized space.
Tether stated that the collaboration with the Georgian government will also consider developing and putting in place a robust, independent banking and communication system. In order to do this, it is necessary to promote the adoption of P2P technology-based digital payment and communication systems. Additionally, the current infrastructure must be improved in order to assure its reliability and resilience in supporting blockchain-based solutions.