Tether Agrees on Crypto Industry Development Cooperation in Uzbekistan

Liputan6.com, Jakarta – Tether, one of the largest stablecoin companies, announced a collaboration with the government of Uzbekistan to develop cryptocurrency and communications projects.

Quote News.bitcoin, Saturday (9/3/2024) the memorandum of understanding (MoU) signed between the two parties includes the issuance of a comprehensive crypto legal framework, the development of independent communications and financial systems, and the establishment of crypto-related educational programs.

The memorandum of understanding also aims to make crypto a priority and develop blockchain infrastructure in Uzbekistan.

The memorandum, signed by Tether and the National Perspective Project Agency (NAAP), Uzbekistan's crypto watchdog, includes three different focuses.

The first focus, Tether and NAAP will collaborate to sketch out a cryptocurrency legal framework supporting the issuance of a central bank digital currency (CBDC) by the government of Uzbekistan.

The framework will also explore tokenization opportunities and review the current digital payments infrastructure in the country.

Second, Tether and NAAP's cooperation includes the development and implementation of an independent infrastructure for communications in Uzbekistan's financial system.

This means that Tether will help redesign the current payment system to enable faster, safer and more cost-effective crypto transactions in the country.

Lastly, it is the involvement of Tether and national educational institutions to include blockchain, crypto and stablecoin ideas as part of their teaching and learning activities. This initiative seeks to enable students in Uzbekistan to have the skills to develop as part of the cryptocurrency field.

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