Tether to Collaborate With Uzbekistan on Developing Crypto Infrastructure Projects
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Tether, one of the largest stablecoin companies, announced a collaboration with the government of Uzbekistan to develop cryptocurrency and communication projects. The memorandum of understanding (MoU) signed between the parties encompasses issuing a comprehensive crypto legal framework, developing an independent comms and financial system, and establishing crypto-related educational programs.
Tether Signs Memorandum of Understanding With Uzbekistan
Tether, one of the largest companies in the cryptocurrency industry, has announced a collaboration with the government of Uzbekistan. The two parties signed a memorandum of understanding to establish crypto as a priority in the country and develop a blockchain infrastructure for Uzbekistan’s future.
The memorandum, signed by Tether and the National Agency of Perspective Projects (NAAP), Uzbekistan’s crypto watchdog, encompasses work in three different areas. First, Tether and the agency will collaborate to sketch a cryptocurrency legal framework that supports the issuance of a central bank digital currency (CBDC) by the government of Uzbekistan. Also, this framework will explore the opportunities of tokenization and examine the current digital payments infrastructure in the country.
Tether’s team-up also includes developing and implementing an independent infrastructure for communications in the financial system. This means that Tether will help to redesign the current payment system to enable “faster, secure, and cost-effective” transactions.
Lastly, the joint effort also encompasses the engagement of Tether and national educational institutions to include blockchain, crypto, and stablecoins notions as part of their teaching efforts. This initiative seeks to enable students to have expertise in these areas to thrive as part of the cryptocurrency sphere.
Paolo Ardoino, CEO of Tether, recognized the relevance of this alliance, explaining that the company was ready to help build the crypto industry internationally. Ardoino stated:
This collaboration demonstrates Tether’s commitment to fostering innovation and responsible development of the digital asset ecosystem globally.
Lee Dmitriy Romanovich, director of NAAP, praised the agreement with Tether, declaring that it represented a “significant step in harnessing the enormous potential of blockchain technology and crypto-assets in general.” Romanovich recognized that an efficient blockchain ecosystem “can have a profound impact on improving the lives of all Uzbekistan citizens.”
Source : Bitcoin News by Sergio Goschenko / Mar 8, 2024