Crypto stablecoin issuer Tether has concluded an agreement with the African state of Guinea for the country to explore the adoption of blockchain and peer-to-peer technologies.
Last Monday, February 17, the mentioned company’s blog posted a message containing information that it has signed a memorandum of understanding that hopes to establish the groundwork for the adoption of blockchain technologies and the creation of an environment conducive to innovation in the specified country.
The agreement aims to share best practices with the West African nation. In this case, special attention will be paid to education, innovation, and sustainable technologies. This was announced by Tether. The company currently operates Tether USDT, the largest stablecoin in terms of value.
It is worth noting that in March 2024, the firm signed a similar agreement with the regulator of cryptocurrencies and capital markets of Uzbekistan to explore blockchain, stablecoins, and tokenization in the Central Asian country.
Tether stated that the main element of the MOU with Guinea is possibly the development of expertise in the blockchain area and education with special programs in the country’s public and private sectors to raise awareness, build skills, and cultivate local talents in digital technologies.
The company’s chief executive officer Paolo Ardoino stated that this firm and Guinea are working together to implement effective blockchain solutions that will benefit both the public and private sectors, paving the way for economic growth and establishing the country as a leader in technological innovation.
Djiba Diakité, chief of staff for Guinea’s interim president Mamady Doumbouya, a military general who came to power in a 2021 coup, noted that this country strives to offer young people the tools they need to meet global challenges and seize the opportunities of the digital world.
Tether also announced its intention to support Guinea’s Innovation City project. The goal of this project is to create a space for technology research and companies.
It is worth noting that the results of industry research indicate that emerging countries, including African states, are the leading adopters of cryptocurrencies. It is worth noting that virtual currencies and digital financial systems have recently been scaling in markets where there is a significant degree of lack of public access to what can be described as traditional finance. The relevant process is ongoing and is likely to expand in the foreseeable future. It is also worth noting that against the background of the digitalization of the world in almost all industries, it is possible that over time the content of such a concept as traditional finance will change significantly, and it will include cryptocurrencies.
Survey data conducted by Consensys suggests that in Nigeria, 84% of respondents reported having crypto wallets. It is worth noting that these data are relevant as of 2024. In South Africa, 66% of respondents said they have crypto wallets. At the same time, in the United States, the corresponding figure is 43%.
As we have reported earlier, Tether CEO Says Quantum Сomputing to Bring Lost Bitcoin Back in Circulation.
