The Central Bank of Uzbekistan and the National Agency of Perspective Projects (NAPP) are piloting the use of stablecoins as a means of payment. Regulators are also exploring the potential introduction of a CBDC — a central bank digital currency. Central Bank Deputy Chairman Nodirbek Achilov announced this on August 24 at the Silk Road Finance and Technology Forum.
The pilots are currently being conducted on a small scale. At the initial stage, retail transactions will be processed through licensed financial institutions. The Central Bank will focus on developing the core mechanisms of the system and facilitating settlements between financial institutions.
The Central Bank is also considering a wholesale CBDC model for settlements between financial institutions. The regulator is studying international experience and preparing an analytical paper on CBDCs. A final decision will be made after the relevant research is completed and the necessary infrastructure and regulatory framework are developed.
Meanwhile, NAPP is developing a separate regulatory framework for the tokenization of bonds and shares. The new rules are expected to cover the accounting of tokenized assets, payment and clearing processes, custody, as well as investors’ rights, including shareholders’ voting and corporate governance rights.
