Utah Senate Passes Bitcoin Bill, Omits tate Reserve Provision
Utah lawmakers approved a BTC bill after modifying it to eliminate a provision that would have allowed the state treasurer to invest in BTC.
Key Takeaways:
Tether Partners with Guinea for Blockchain Adoption: Tether signed a memorandum of understanding (MOU) with Guinea to explore blockchain technology, aiming to establish a foundation for digital innovation and economic transformation in the country.
Focus on Education, Innovation, and Sustainability: The agreement emphasises sharing best practices, particularly in education, technological innovation, and sustainable blockchain solutions to drive economic growth and financial inclusion.
Empowering Guinea’s Youth for the Digital Economy: Guinea’s leadership sees blockchain as a tool to equip young people with the necessary skills to compete in the global digital economy, fostering new opportunities in the tech sector.
Tether, the company behind the world’s largest stablecoin, has signed a groundbreaking agreement with the Republic of Guinea to explore blockchain technology for economic and financial development.
Overview
On February 17 2025, Tether posted that it signed a memorandum of understanding (MOU) to lay the foundation for Guinea’s adoption of blockchain technology while fostering an environment that encourages innovation. This partnership signifies Guinea’s ambition to harness blockchain’s potential in enhancing financial inclusion, fostering digital asset adoption, and streamlining economic processes. Tether emphasised that the agreement is designed to exchange best practices with the West African nation, focusing on education, innovation, and promoting sustainable technological solutions.
The agreement, signed between Tether’s representatives and Guinea’s government, aims to evaluate blockchain-based solutions that could modernise Guinea’s financial infrastructure. Given Tether’s strong presence in the global crypto space, this collaboration could set the stage for new financial opportunities in the West African nation. Tether CEO Paolo Ardoino said, “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.”
Blockchain’s Potential for Guinea’s Economy
Guinea, a country rich in natural resources but with a developing financial system, stands to benefit significantly from blockchain technology. With a large unbanked population, blockchain-based financial solutions could improve access to banking services, enabling secure and transparent transactions without the need for traditional financial institutions. Djiba Diakité, chief of staff to Guinea’s interim president Mamady Doumbouya—a military general who took power in a 2021 coup—stated that the country seeks to equip its youth with the necessary tools to tackle global challenges and take advantage of opportunities in the digital world.
Tether’s expertise in stablecoins and decentralised finance (DeFi) may help Guinea create a more efficient and transparent payment system. Additionally, blockchain could be leveraged for supply chain management, land registry systems, and digital identity verification, reducing bureaucracy and corruption in government processes. Blockchain technology could also enhance Guinea’s trade and remittance sectors, making cross-border payments faster and more cost-effective. Given the increasing global interest in central bank digital currencies (CBDCs), Guinea could explore the development of a national digital currency to support financial inclusion and economic growth.
Challenges and the Road Ahead
Despite the promising aspects of this partnership, challenges remain in implementing blockchain technology in Guinea. The country must develop a robust regulatory framework to ensure compliance, security, and consumer protection in blockchain-related activities. Education and awareness programs will also be crucial in helping businesses and individuals understand and adopt blockchain-based financial solutions.
Given the regulatory concerns surrounding stablecoins and crypto markets, Tether’s involvement in the project may face scrutiny. However, if executed effectively, this initiative could position Guinea as a leader in blockchain adoption in Africa, setting an example for other nations in the region.
The agreement between Tether and Guinea marks an exciting step toward financial modernisation through blockchain. With careful planning and regulatory alignment, this partnership could pave the way for a more inclusive and technologically advanced economy in Guinea.