Tether, stablecoin issuer has joined Uzbekistan’s National Agency of Perspective Projects to create a blockchain-based system for peer-to-peer telecommunication.
TakeAway Points:
- Tether signed a MOU with the National Agency of Perspective Projects (NAPP) of Uzbekistan to develop a blockchain-based system.
- The partnership aims to investigate and facilitate the development and implementation of blockchain technology, including stablecoins and digital asset tokenization.
- Also, cryptocurrency sales are limited to specialized exchanges licensed by NAPP.
Tether enters Partnership with Uzbekistan
In a press release yesterday, March 7, Tether announced that it had inked an MOU with the National Agency of Perspective Projects (NAPP) of Uzbekistan in order to establish the country as a primary hub for peer-to-peer and blockchain technology.
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“We are excited to collaborate with the National Agency of Perspective Ргоjесt of the Republic of Uzbekistan (NAPP) to explore the vast potential of blockchain, stablecoins, and peer-to-peer telecommunication technology in Uzbekistan. This collaboration demonstrates Tether’s commitment to fostering innovation and responsible development of the digital asset ecosystem globally.”
said Paolo Ardoino, CEO of Tether.
According to a press release, this partnership aims to investigate and facilitate the development and implementation of blockchain technology, including stablecoins and digital asset tokenization.
Specific details of the partnership were not disclosed. However, it was revealed that the company would support the development of regulatory guidelines and a legal framework for digital assets in Uzbekistan. The collaboration also seeks to support “the development and implementation of Uzbekistan’s digital currency.”
Lee Dmitriy Romanovich, director of NAPP, highlighted the agency’s dedication to using cutting-edge technologies to support Uzbekistan’s economic growth.
“NAPP is dedicated to exploring the power of emerging technologies to propel Uzbekistan’s economic development. This collaboration represents a significant step in harnessing the enormous potential of blockchain technology and crypto-assets in general. Combined with other ongoing initiatives aimed at improving public services, a well-integrated and responsibly introduced blockchain ecosystem can have a profound impact on improving the lives of all Uzbekistan citizens.”
Romanovich stated.
Meanwhile, this partnership was announced just one month after rumors circulated that the National Agency for Prospective Projects planned to sue Binance for operating in the area without a permit. However, in the republic, cryptocurrency sales are limited to specialized exchanges licensed by NAPP, and trading servers must be located in Uzbekistan.
