Tether and Uzbekistan Partner for Blockchain Telecom System

Stablecoin issuer Tether has joined forces with the republic’s National Agency of Perspective Projects (NAPP) to develop a blockchain-based peer-to-peer telecommunication system.

According to a press release, the collaboration was formalized through a Memorandum of Understanding signed on Mar. 7 and aims to spur economic growth and innovation by exploring the adoption of blockchain tech like stablecoins and asset tokenization within Uzbekistan.

Tether’s Partnership to Propel Uzbekistan as Blockchain Hub

Lee Dmitriy Romanovich, director of NAPP, stated that this collaboration represents a significant step in harnessing blockchain’s enormous potential for Uzbekistan. He said emerging technologies will be critical drivers of our economic development moving forward.

As part of the deal, Tether will assist in formulating legal frameworks and regulatory policies to govern crypto assets in the nation. The parties also plan to facilitate the development and implementation of a digital currency for Uzbekistan.

While specific details were scarce, the initiative signals Tether’s latest push to expand the reach of blockchain and stablecoins globally. The company cited plans to position Uzbekistan “as a central hub for peer-to-peer and blockchain technology” in the region.

The announcement comes amid an apparent crackdown on crypto exchanges operating in Uzbekistan without a license from NAPP. Last month, reports indicated the agency was pursuing legal action against crypto giant Binance for its activities in the country.

As nations worldwide grapple with establishing crypto regulations, Tether’s partnership could help lay the groundwork for Uzbekistan to emerge as a blockchain trailblazer in Central Asia’s digital asset landscape.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.