Guinea presently does not have a legal status for cryptocurrencies
The country is looking to train its youth with advanced tech training
Tether to help Guinea use blockchain across public, private sectors
Tether is working with Turkey, Uzbekistan on their respective blockchain plans
Photo Credit: Tether
Tether will work with the Republic of Guinea to accelerate the country's efforts to adopt blockchain technology, the issuer of the USDT stablecoin said on Monday. The firm has signed a memorandum of understanding (MoU) with the government of Guinea, and says it will work with authorities to ensure that their engagement with blockchain and virtual digital assets (VDAs) is facilitated in a safe manner. The government is planning to adopt modern technologies to digitise its economy and boost growth in the country.
As part of the MoU signed with the government of Guinea, Tether will launch education and awareness initiatives related to cryptocurrencies and blockchain technology in the country, which has an estimated population of over 14 million.
“Together, we aim to implement efficient blockchain solutions that benefit both public and private sectors, paving the way for economic growth and establishing Guinea as a leader in technological innovation,” Paolo Ardoino, CEO of Tether said in a prepared statement.
Guinea is looking to establish itself as hotspot for tech advancements in Africa as part of its Simandou 2040 program. Equipping its younger population with technical training and education is among its top priorities, according to M. Djiba Diakité, Minister, chief of staff of the Presidency of the Republic of Guinea.
A key area of focus for the partnership with Tether will be on growing blockchain expertise in the country. Tether will be introducing Web3-centered initiatives across the country's private and public sectors to arm professionals with advanced technical skills as part of the MoU.
“The signing of this MoU between the Republic of Guinea and Tether represents a major strategic step forward in our quest for an inclusive and sustainable digital transformation. We aim to open a new chapter in our technological development. It's a decisive step towards technological sovereignty,” Diakité said.
Other government officials from the ministries of education and sciences have lauded the partnership with the creator of the world's largest stablecoin.
Other countries like India, Malaysia, and the UAE are also exploring the use of blockchain technology in the areas of supply-chain management, data storage, and asset tokenisation.
Tether says it is also working with authorities in Switzerland, Turkey, Uzbekistan, and the Ras Al Khaimah region in the UAE to accelerate their experimentation and exploration of blockchain technologyies. The firm has also joined other crypto players like Tron and TRM Labs on a Financial Crime Unit called T3 to keep track of suspicious on-chain transactions.
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