Uzbekistan is confidently moving toward building a comprehensive digital financial ecosystem. The republic's authorities are simultaneously working on several key areas: introducing a central bank digital currency (CBDC), integrating stablecoins into the payment infrastructure, and creating a legal framework for tokenizing real-world assets. Representatives of the Central Bank and the National Agency for Prospective Projects (NAPP) announced these plans during a panel discussion at the Silk Road Finance and Technology Forum.
Central Bank explores wholesale CBDC
Deputy Chairman of the Central Bank Nodirbek Achilov confirmed that the regulator is at the initial stage of researching the potential of a wholesale CBDC based on the sum. According to him, priority is given to the wholesale scenario rather than the retail one, which ensures safe and efficient settlements between financial institutions under the Central Bank's supervision. The second argument is preserving public trust in the financial system, which, according to the deputy chairman, took years to build.
"A wholesale CBDC seems to us a feasible option," Achilov noted.
In parallel, the Central Bank, together with NAPP, is testing stablecoins within a regulatory "sandbox." At this stage, rules, tools, and an operational framework for pilot projects are being developed. After the tests are completed, the regulator will assess the market's response and can scale the initiative or adjust regulation. At the initial stage, retail operations will go through licensed institutions, while the Central Bank itself will focus on creating a systemic foundation.
NAPP launches stablecoin pilots
First Deputy Director of NAPP Vyacheslav Pak reported that the agency is already implementing pilot projects for using stablecoins as a means of payment directly in Uzbekistan. NAPP, whose area of responsibility includes capital markets, insurance, e-commerce, and crypto-asset circulation, acts as the country's second key regulator of digital finance.
Pak also identified tokenization as one of the main trends. The agency is focusing on developing regulation for tokenized bonds and shares. Additionally, NAPP is working on creating a new payment system based on blockchain technologies, which should form a unified line of development for digital infrastructure.
Conditions for asset tokenization
For the successful development of the tokenization sector, according to Achilov, it is necessary to create reliable infrastructure for storing and accounting for digital assets, ensure legal certainty of operations, and formulate clear rules for institutional investors. A key role is assigned to custodial services, depository accounting, transaction execution, and clearing.
"First and foremost, it is necessary to create an environment with clear rules and predictable conditions. This can be done jointly with market participants and other colleagues," he emphasized.
Achilov added that a regulatory framework alone is not enough: market participants must trust tokenized instruments and view them as a way to raise capital. It is also important to establish cooperation at the regional level to identify regulatory gaps and minimize risks.
My comment: Uzbekistan demonstrates a pragmatic approach, betting on wholesale CBDC and stablecoins as tools to improve efficiency rather than replace the existing system. If regulators manage to create a predictable environment and gain the trust of institutional players, the country could become one of the leaders of digital transformation in Central Asia. However, success will depend on the speed of implementation and the ability to avoid excessive bureaucratization.