Cardano project collaborates with the government of Uzbekistan on the implementation of blockchain and STO

Emurgo, the commercial arm of the Cardano project, together with the government of Uzbekistan has formed a targeta group to develop rules for regulating the placement of token-shares (STOs) and introduce blockchain at the state level.

According to a press release, Emurgo announcedpartnership with the National Agency for Project Management under the President of the Republic of Uzbekistan (NAPM) and the Agency for Digital Economic Development of Uzbekistan Kobea Group & Infinity Blockchain Holdings, which will also take part in the development of the regulatory framework for share tokens in the country.

As part of this initiative, Emurgo and Kobea willgive advice on the creation of infrastructure for banking services of digital currencies. In addition, Emurgo will study how the Cardano blockchain can be used in the country and how to integrate the educational platform on the blockchain at the state universities of Uzbekistan to train specialists in the blockchain field.

NAPU believes that the tokenization of traditional stocksthrough STO, it will make the country's financial sector more secure and transparent. Moreover, by consolidating the capabilities of domestic and foreign miners at the state level, NAPU intends to increase the efficiency of cryptocurrency mining and optimize energy consumption in order to attract additional investments.

A few months ago, in order to save energy, the country's authorities ordered to increase tariffs for electricity consumed by mining companies by 300%.

“Uzbekistan is open to the latest technologies.We are pleased to provide advice to the country’s government agencies on the implementation of blockchain and the opening of educational courses at local universities,” — said Emurgo CEO Ken Kodama.

Recall that last month NAPU determined the rules for cryptocurrency trading, as well as amended the Regulation on the licensing of cryptocurrency exchanges.

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