Stablecoin issuer Tether has announced a collaboration with Uzbekistan’s National Agency of Perspective Projects (NAPP) to pioneer a blockchain-based system for peer-to-peer telecommunications.
In a press release on March 7, Tether unveiled the signing of a Memorandum of Understanding (MOU) with NAPP, aiming to establish Uzbekistan as a key hub for peer-to-peer and blockchain technology innovation.
As part of the partnership, Tether and NAPP will work together to explore and promote the development and adoption of blockchain technology, including stablecoins and digital asset tokenization, within Uzbekistan. The initiative is expected to drive economic growth and foster innovation in the region.
While specific details of the collaboration were not disclosed, Tether revealed that a key focus would be on supporting the formulation of a legal framework and regulatory policies for crypto assets in Uzbekistan. Additionally, the partnership aims to facilitate the development and implementation of Uzbekistan’s digital currency.
Lee Dmitriy Romanovich, Director of NAPP, emphasized the agency’s dedication to utilizing emerging technologies for Uzbekistan’s economic advancement. He highlighted the collaboration as a significant step in harnessing the potential of blockchain technology and crypto-assets.
This partnership follows recent reports indicating that the National Agency for Prospective Projects intends to take legal action against Binance for operating in the region without a license. In Uzbekistan, the sale of cryptocurrency is restricted to specialized crypto exchanges licensed by NAPP, with trading servers mandated to be hosted within the country.
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