BANKEX, a global fintech firm, has announced that it will be working closely with Digital Trust Fund to support and develop Uzbekistan’s digital economy. Digital Trust Fund is a foundation which promotes tokenized assets in Uzbekistan, the first of its kind in the Central Asian country.
The global market of tokenized securities will need representatives and parties if it wants to reach across borders and connect the world. BANKEX has been on the front lines of this push with their unifying slogan: “all real-world assets are going to be tokenized.” Now, the Digital Trust Fund of Uzbekistan is joining them in their efforts to develop the country’s digital economy as per a new press release.
The partnership is perhaps the first major move towards bringing tokenized securities to Uzbekistan or any of the Central Asian republics.
Establishing Mutual Cooperation for the Future
The first steps BANKEX will be taking in Uzbekistan is bringing tokenized securities and blockchain technology to the country’s many government agencies. Such an introduction has the potential to minimize human error and corruption in a country that has suffered from such systemic issues in the decades after Soviet rule.
Before such measures can be taken however, legal frameworks must first be established. As the press release reads:
“The present memorandum is directed at establishing a legal framework on which the parties can base the mutual cooperation necessary to ensure the quality as well as the qualified undertaking of tasks assigned to the parties.”
BANKEX and the Digital Trust Fund will also be trading work experience with different state-run sectors to make the digital economy in Uzbekistan more possible and a seamless transition. Thus, the collaboration will also involve “holding joint educational events” which will include “workshops, seminars, round tables, and conferences” discussing the advantages of blockchain and the digital economy.
The news follows moves by other governments who have made commitments to incorporating blockchain technology into their services in the coming years. Other commentators have also discussed the potential of government-issued stablecoins becoming more popular in the coming years.
BANKEX is a New York-based global fintech firm that provides consulting for blockchain-based solutions like STO frameworks, token issuances, and custody concerns. BANKEX’s goal is to bridge the gap between traditional banking and the emerging world of blockchain. Already successful, some BANKEX group companies legally operate with Class 3 and Class 4 licenses for Virtual Financial Assets in Malta.
What do you think of BANKEX’s latest partnership? Let us know your thoughts in the comments below.
Image courtesy of BANKEX.