Tether has inked a memorandum of understanding with the Republic of Guinea. By means of this accord, the two partners will examine the feasibility of the use of blockchain and peer-to-peer platforms in the said West African nation.
Publicized in a blog post on the 17th of February, Tether’s project is focused on the creation of a solid basis for migration of these new technologies into Guinea’s economy and society.
It is expected that this agreement will give rise to programs that will make it easier for education and technology to develop in the country, thus create an enabling environment for innovation. On the one hand, Tether is intending to make a shared contribution to the overall human capital development of Guinea, which will be the advancing of digital skills in both government and company contexts.
To start, a curriculum that seeks to promote the utilization of blockchain in various sectors will be initiated, enabling the youth’s acquisition of the capacity required for the digital economy. Tether's chief executive officer, Paolo Ardoino, noted the collaboration being part of the company's commitment to assist countries in developing solid digital economies. He said that the blockchain is a primary tool that could lead to the country's economic progression through technological advances.
Backing of "Innovation City"
Other than the educational programs, Tether aims to bring assistance to Guinea’s ”Innovation City” project, a visionary development project. The project embodies the opening of the innovation lab and startup where Guinea has been the model for others to follow in the African tech world. The tendency of technology companies and startups has brought the project into a developed network where there is a healthy competition for innovation.
This MOU is considered by the leaders of Guinea to be a crucial step in gaining technological sovereignty. Djiba Diakité, who is the chief of staff for Guinea's interim president, stressed the point that the country has made a firm decision to introduce technologies that are the top edge of the development of the blockchain. The purpose is to no extent but to improve local youth skills and give them a better global future in digital.
A Growing Trend in Africa
This partnership represents a wider trend where developing countries, mainly in Africa, are the ones that are the first to adopt cryptocurrencies. According to ConsenSys' latest research, 84% of participants in Nigeria and 66% in South Africa rose as crypto wallet holders, compared to 43% in the US. Such figures display Africa's growing dominance in the international crypto market.
Tether's deal with Guinea is a case of the kind last year with Uzbekistan, and it sets as an excellent example of the commitment of the company in promoting blockchain technology worldwide. Tether, due to its strategic alliances, plans to establish sustainable digital infrastructures and economic resilience in different areas.