Tether and Uzbekistan Form Partnership to Establish Peer-to-Peer Telecom Infrastructure Utilizing Blockchain Technology
Tether, a stablecoin issuer, has joined forces with Uzbekistan’s National Agency of Perspective Projects (NAPP) to develop a blockchain-based system for peer-to-peer telecommunication. In a press release on March 7th, Tether announced that it had signed a Memorandum of Understanding (MOU) with NAPP to position Uzbekistan as a central hub for peer-to-peer and blockchain technology. The partnership agreement will focus on exploring and promoting the development and adoption of blockchain technology, stablecoins, and digital asset tokenization within Uzbekistan. The ultimate goal is to stimulate economic growth and innovation in the region. Tether will also support the formulation of a legal framework and regulatory policies for crypto assets in Uzbekistan, as well as assist in the development and implementation of the country’s digital currency. Lee Dmitriy Romanovich, the director of NAPP, expressed the agency’s commitment to leveraging emerging technologies for Uzbekistan’s economic development. The collaboration is seen as a significant step in harnessing the potential of blockchain technology and crypto-assets in the country. This partnership comes shortly after reports of the NAPP’s intention to pursue legal action against Binance for operating in Uzbekistan without a license. The sale of crypto within the country is restricted to specialized crypto exchanges licensed by NAPP, with trading servers required to be hosted within Uzbekistan.
