Stablecoin issuer Tether has announced a partnership with Uzbekistanā€™s National Agency of Perspective Projects (NAPP) to work on a blockchain-based system for peer-to-peer telecommunication. This collaboration aims to position Uzbekistan as a central hub for blockchain technology and peer-to-peer communication.

The Memorandum of Understanding (MOU) signed between Tether and NAPP will focus on promoting the development and adoption of blockchain technology, stablecoins, and digital asset tokenization within Uzbekistan. The ultimate goal is to drive economic growth and innovation in the region.

As part of the partnership, Tether will support the establishment of a legal framework and regulatory policies for crypto assets in Uzbekistan. The collaboration also aims to facilitate the development and implementation of the country’s digital currency.

Director of NAPP, Lee Dmitriy Romanovich, highlighted the agency’s dedication to utilizing emerging technologies for Uzbekistan’s economic progress. He expressed optimism about the potential of blockchain technology and crypto-assets, emphasizing the importance of this collaboration.

This partnership follows recent reports of NAPP’s intention to take legal action against Binance for operating in Uzbekistan without a license. The sale of cryptocurrencies in the region is restricted to licensed crypto exchanges authorized by NAPP, with trading servers required to be based in Uzbekistan.

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