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Stablecoin issuer Tether has partnered with Uzbekistan’s National Agency of Perspective Projects to develop a blockchain-based system for peer-to-peer telecommunication.
In a press release on Mar. 7, Tether said it had signed a Memorandum of Understanding (MOU) with Uzbekistan‘s National Agency of Perspective Projects (NAPP) to position the republic “as a central hub for peer-to-peer and blockchain technology.”
Under the partnership agreement, Tether will explore and promote the development and adoption of blockchain technology, including stablecoins, and digital asset tokenization within Uzbekistan, the press release reads, adding that the initiative aims to “stimulate economic growth and innovation in the region.”
While specific details of the collaboration were not disclosed, Tether disclosed that it would focus 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 commitment to leveraging emerging technologies for Uzbekistan’s economic development, noting that the collaboration represents a “significant step in harnessing the enormous potential of blockchain technology and crypto-assets in general.”
The collaboration comes just a month after reports emerged saying that the National Agency for Prospective Projects intends to pursue legal action against Binance for operating in the region without a license as the sale of crypto within the republic is restricted to specialized crypto exchanges licensed by NAPP only, with trading servers mandated to be hosted within Uzbekistan.