Tether Signs MOU with Government of Georgia
Tether, the company behind the USDT stablecoin, has signed a memorandum of understanding (MOU) with the government of Georgia. The collaboration aims to establish Georgia as a hub for peer-to-peer and blockchain technology. While the MOU lacks the legal obligations of a contract, it marks Tether’s ambitions and sets the groundwork for collaboration.
Key Points:
- Tether plans to set up a fund to support local startups in developing blockchain technologies in Georgia.
- The announcement alludes to shared ambitions of developing Georgia as a hub for tech startups and encouraging international collaborations.
- The partnership also involves cooperation in the educational field regarding blockchain technology.
- Last month, Tether announced a collaboration with Georgia’s Business and Technology University (BTU) for educational purposes.
Is Georgia Open to Tether’s Influence?
The close timing of Tether’s partnerships with Georgia raises questions about potential bias and favoritism. Economies with significant investment by one industry tend to be more susceptible to corporate influence. While Ireland, for example, desires tech-friendly tax and regulation due to the presence of Facebook and Amazon, Georgia’s situation is different as it is not part of a larger bloc. Tether’s ambitions extend beyond the Caucuses, as they recently announced a $1 billion investment in a Bitcoin mining site in El Salvador.
Hot Take:
Tether’s partnerships with the Georgian government and educational institutions indicate their commitment to developing Georgia as a hub for blockchain technology and fostering international collaborations. However, the potential influence of Tether in the country’s policies and regulations raises concerns about impartiality. With its significant investments and projected profitability, Tether’s expansion and influence in various countries are worth monitoring.
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