Tether (USDT), the issuer of the crypto stablecoin USDT, joins with a Georgian University to educate young minds about blockchain tech and digital currency. The notice contains fine-sounding language about spreading financial knowledge and training students in the use of technologies that encourage freedom. On the other hand, will people buy it?
Tether (USDT) (USDT) has partnered with Business & Technology University (BTU) to encourage blockchain tech and digital currency education in the nation of Georgia. The issuer revealed its memorandum of understanding (MoU) with BTU in an notice on its website on Wednesday.
Together, the issuer and the Georgian university will strive to expand education about digital trading and investing. A new program at the Tbilisi-based school will run for a 30 days, and its aim is to “equip students with the necessary knowledge and expertise to thrive in the emerging digital economy,” as per the announcement.
Tether (USDT) to Assist Educate
Cryptocurrency assets are high up on the list of subjects that the new program will cover. Tether (USDT) will help in developing educational courses covering crypto stablecoins, Bitcoin (BTC), and digital currencies. The syllabus will likewise include education on other technologies that encourage “financial freedom and freedom of speech.” Nonetheless, the notice does not state exactly what this can potentially mean.
The program will run in partnership with the Academy of Digital Industry and Terminal, featuring lectures by local and international blockchain tech specialists. Most of the classes will be given in Georgian.
To be clear, no one questions the value of education and greater financial sophistication. The region could probably do with more blockchain tech education, as Georgia is middling in the case of grassroots digital currency adoption.
Compared to other countries, Georgia has a ways to go in embracing digital currency. Georgia sits in 37th place, reports by Chainalysis’s Worldwide Digital currency Adoption Index. It is beaten by its neighbors Turkey and Russia, which are 12th and 9th, respectively.
Tether (USDT) Teaching Freedom?
Freedom is a particularly topical subject in Georgia, which is as of now experiencing a regression of democratic norms and liberties. In the year, Freedom House designated the country a “hybrid or transitional regime,” giving it a Democracy Score of only 3.04/7. The nation has evolved less democratic since a year ago, reports by the organization.
Reports by the organization’s 2023 report, Georgia’s Independent Media rating declined from 3.50 to 3.25 due to:
“A multiyear tendency of worsening harassment and violence against journalists… likewise as an increasingly polarized and politicized media environment that has undermined editorial independence.”
A year ago, the director of a Television station critical of the Georgian Government, Nika Gvaramia, was jailed for 3 years and 6 months. Gvaramia denies all charges as politically motivated.
Is Tether (USDT) Safe?
The emphasis on education may sound progressive and noble. On the other hand, Tether (USDT) has been on the receiving end of criticism over its lack of transparency. To put it another way, for allegedly failing to be next enough about its finances.
A previous SEC official criticizes the company for not conducting a suitable audit. A number of cryptocurrency corporations have collapsed in the past year. And John Reed Stark, previous chief of the SEC’s Office of Internet Enforcement, has voiced concerns that Tether (USDT) may be the following “domino to fall.”
Regardless of promising an audit for almost 6 years, Tether (USDT) has failed to follow through on this commitment. Stuart Hoegner, Tether’s (USDT) General Counsel, assured a full audit would occur within “months, not years” back in July 2021, but the company has is still to fulfill this promise.
The crypto stablecoin issuer made cautious moves amid the banking crisis earlier in the year. In the 1st quarter, Tether (USDT) reduced its reliance on banks by withdrawing over $4.8 Billion in deposits. Reports by a May 15 statement, it now has $481 Million in bank deposits, down from $5.3 Billion at the start of the year.
BeInCrypto has reached out to Tether (USDT) for comment on issues raised in this story. A response was not next as of press time.