Tether has signed a partnership with the Zanzibar e-Government to promote digital asset education and the application of blockchain technology in the region.
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Tether signs a partnership with the Zanzibar e-Government to develop blockchain and digital asset education.
Support connecting USDT and XAUT stablecoins to the Zanmalipo government payment platform.
The goal is to enhance cross-border payments and reduce reliance on traditional banks.
What is the purpose of Tether's partnership agreement with Zanzibar?
According to information from the CEO of Tether and official sources, the collaboration aims to enhance education about digital assets and blockchain application, contributing to the development of the local digital economy.
Through the agreement, Tether will collaborate with the Zanzibar e-Government to raise awareness and provide blockchain training, thereby expanding the application of technology into public services, creating a sustainable development platform for the digital economy.
What are the highlights of the partnership between Tether and Zanzibar?
The partnership agreement is expected to connect USDT stablecoin and gold stablecoin XAUT to Zanzibar's Zanmalipo government payment platform, enhancing transaction efficiency and digital payment.
The collaboration between Tether and Zanzibar will be a significant transformation, helping the local digital economy develop from an informal exploration phase to structured development, while improving cross-border payments and saving banking costs.
James Edwards, CEO of Tether, 01/07/2024
The new blockchain sandbox program implemented by Zanzibar supports innovation and experimentation of blockchain solutions to meet real needs, thereby enhancing the financial and digital technology ecosystem.
How is blockchain and digital assets developing in Zanzibar?
The cryptocurrency market in Zanzibar is still in its infancy, primarily taking place through P2P transactions without intermediaries. The collaboration with Tether aims to promote more organized development and build a transparent, efficient ecosystem.
"Zanzibar is just beginning to approach blockchain and cryptocurrency, mostly through direct personal transactions. Collaborating with Tether will facilitate the establishment of a sustainable and legitimate financial technology platform."
Dr. Fatma Said, Head of the IT Department of the Zanzibar e-Government, 2024
The application of stablecoins in government payments helps increase convenience, reduce processing time, and lower international remittance costs, while supporting the digital transformation process of the Zanzibar government.
What are the main benefits of integrating USDT and XAUT stablecoins into the payment platform?
Connecting stablecoins to the Zanmalipo platform not only facilitates fast, secure payment transactions but also improves cross-border liquidity, helping citizens and businesses save costs compared to using traditional channels.
Traditional Payment Criteria | Payments via USDT & XAUT | Transaction time | A few days | A few minutes to a few hours | Transaction fees | Low - High | Low, stable | Transparency | Low, dependent on intermediaries | Clear, recorded On-chain | Scalability | Limited by banks | Easily scalable on blockchain platforms
How is the blockchain training and support program implemented?
Tether commits to organizing training courses on blockchain technology for the government and the people of Zanzibar, enhancing technical capacity while promoting the application of blockchain in various fields.
Comprehensive training helps Zanzibar reduce knowledge barriers, promote acceptance, and develop Blockchain & digital asset systems, according to the latest report from Blockchain Africa Report 2024.
Frequently Asked Questions
What is Tether's purpose in collaborating with Zanzibar? Tether supports the Zanzibar government in developing education and blockchain application, promoting the local digital economy. What role do USDT and XAUT stablecoins play in the Zanmalipo payment platform? They help accelerate transaction speed, reduce costs, and enhance transparency in government payments. What is the current state of the cryptocurrency market in Zanzibar? The market is mainly P2P trading, in an early stage of development, with few official organizational systems. What does Tether's blockchain training program include? Blockchain technical training, smart contract applications, and support for developing a digital asset ecosystem. What are the main benefits of using blockchain in Zanzibar? Increased efficiency in cross-border payments, saved banking costs, and promoting a sustainable digital economy.
Source: https://tintucbitcoin.com/tether-hop-tac-zanzibar-phat-trien-blockchain-giao-duc/
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