Tashkent, Uzbekistan (UzDaily.com) -- The National Agency for Prospective Projects (NAPP) of Uzbekistan and Tether signed a memorandum of understanding to develop technologies in the field of crypto-assets and blockchain infrastructure, as well as promote innovation in Uzbekistan.

According to the document, the parties plan to cooperate in the development of blockchain technology, stable tokens and asset tokenization in the country, as well as encourage economic growth and innovation.

Cooperation will be aimed at improving the legislative framework in the field of circulation of crypto-assets, introducing technologies for CBDC (Central Banking Digital Currency) and tokenization of assets, as well as cooperation in the field of educational initiatives to increase literacy and awareness of the population about blockchain technologies and crypto-assets 

NAPP Director Dmitry Li noted: “We strive to explore all possibilities of using new technologies for the economic development of Uzbekistan. Cooperation with Tether, which has unique experience, represents a significant step in harnessing the potential of blockchain technologies and crypto-assets in general. In combination with others initiatives aimed at improving government services, a well-integrated and responsibly implemented blockchain ecosystem can have a profound impact on improving the lives of all citizens of Uzbekistan."

“We are pleased to partner with the National Agency for Prospective Projects of the Republic of Uzbekistan to explore the potential of blockchain technologies in Uzbekistan,” said Tether CEO Paolo Ardoino. “This collaboration demonstrates our commitment to promoting innovation and the responsible development of the digital asset ecosystem around the world.”

Tether and NAPP, together with the relevant departments of the republic, will work to create a digital currency of Uzbekistan in order to ensure faster, safer and more cost-effective transactions.

Tether is one of the world leaders in the issuance and use of stablecoins and digital finance. She actively promotes innovation in financial systems, technology and the environment, striving to set new standards for sustainability and inclusiveness.

The USDT token, released by Tether in 2014, is one of the most popular stablecoins whose value is pegged to the US dollar, making it less volatile than other crypto assets.