Uzbekistan is confidently among the most ambitious players in Central Asia in the field of digital finance. At the Silk Road Finance and Technology Forum, representatives of the Central Bank and the National Agency for Advanced Projects (NAPP) unveiled details of three parallel initiatives at once: studying a wholesale CBDC, testing stablecoins, and preparing conditions for the tokenization of real assets. This is a signal that the country intends to build a comprehensive digital infrastructure rather than limit itself to targeted experiments.
The Central Bank is studying a wholesale digital currency
Deputy Chairman of the Central Bank Nodirbek Achilov confirmed that the regulator is considering a wholesale CBDC option based on the sum. Unlike retail digital currencies, the wholesale model is focused on settlements between financial institutions, which reduces risks to stability and allows maintaining control over the money supply. Achilov noted that building public trust in the financial system took years, and the wholesale CBDC is seen by the regulator as the least disruptive way to introduce the technology.
Together with the Global Financial Technology Network, a "white paper" has already been prepared and will be published. It will likely present an analysis of international experience, including both successes and failures of other jurisdictions. This is an important step: Uzbekistan is clearly learning from others' mistakes rather than trying to reinvent the wheel.
Stablecoins: from the "sandbox" to pilots
In parallel, the Central Bank and NAPP are launching pilot projects on the use of stablecoins as a means of payment. First Deputy Director of NAPP Vyacheslav Pak emphasized that testing is being conducted in a regulatory "sandbox," where rules and an operational framework are being developed. At the initial stage, retail operations will only be carried out through licensed institutions, and the Central Bank itself will focus on building the system and interacting with banks.
Based on the results of the pilots, regulators will assess market reaction and participant behavior. If the experiment proves successful, the project may be expanded and regulation adjusted. This is a pragmatic approach: instead of bans, controlled testing.
Tokenization: first infrastructure, then instruments
As for asset tokenization, Achilov outlined a clear sequence: before introducing new technologies, it is necessary to create infrastructure for the storage and accounting of digital assets, ensure legal certainty of operations, and establish clear rules for institutional investors. This refers to custodial services, depository accounting, clearing, and settlements.
The regulator emphasizes that a regulatory framework alone is not enough — market participants must trust tokenized instruments and view them as a way to attract capital. To this end, the Central Bank intends to use "sandboxes" and other technological tools, as well as develop cooperation at the regional level.
My view: Uzbekistan is demonstrating a discipline in its approach to digital finance that is rare for the region. Instead of chasing hype, regulators are building a foundation: studying international experience, testing stablecoins in a controlled environment, and postponing tokenization until reliable infrastructure is created. If this strategy continues, the country could become one of the most attractive markets for institutional investors in Central Asia. However, the key will not be the number of pilots, but the ability to turn them into working, scalable products.