Tether forms agreement with Georgia for development of blockchain industry hub

Tether has signed a Memorandum of Understanding (MOU) with the Government of Georgia, as reported by the firm on June 28.

The “strategic collaboration” is part of a broader vision to position Georgia as a “central hub for peer-to-peer and blockchain technology,” intended to bring about innovation and economic growth in the region.

A flourishing environment for peer-to-peer technology

Paolo Ardoino, CTO of Tether, said the company aims to create a “flourishing environment for peer-to-peer technology usage.” He added:

One of the strategic focuses of this collaboration is fostering the startup ecosystem in Georgia. Tether and the Government of Georgia aim to leverage the country’s favorable working conditions and high quality of life to attract international attention and investment, thereby stimulating startup growth.

Spurring this, Deputy Minister of Economy and Sustainable Development Irakli Nadareishvili mentioned the creation of a local startup development fund – aimed at assisting blockchain technology development while making Georgia a more attractive place to set up. He said:

“We also agreed on cooperation in the educational field regarding blockchain technology, which 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,”

Furthermore, Tether and the Georgian government will work closely with local academic institutions, including BTU, a top technological university in Georgia, to develop educational programs and initiatives. These efforts intend to equip students and professionals with the knowledge and skills required for cryptocurrency industry employment.

Global blockchain movement

Should Tether empower Georgia, it will have competition from several other regions considered pro-blockchain, including El Salvador, Switzerland, Portugal, UAE, and Hong Kong.

Alex Chehade, the general manager of Binance Dubai, claimed the United Arab Emirates (UAE) could become a leading cryptocurrency hub as the firm struggles to navigate the evolving global regulatory landscape.

Chehade pointed out that the UAE provides business certainty, unlike the U.S. or Europe. The U.S. securities regulator sued Binance on June 5. In contrast, the company was forced to scale back its European operations, including withdrawing from Belgium and Dutch markets.

Hong Kong also has its sights on blockchain expansion which  web3 ambitions implementing several…