Uzbekistan's regulators are demonstrating a rare synchrony for the region, simultaneously advancing three key areas of digital finance: a national digital currency (CBDC), stablecoins, and tokenization of real assets. On the sidelines of the Silk Road Finance and Technology Forum, representatives of the Central Bank and the National Agency for Prospective Projects (NAPP) outlined the contours of a new financial architecture that could become a model for all of Central Asia.
Central Bank bets on wholesale CBDC
Central Bank Deputy Chairman Nodirbek Achilov confirmed that the regulator is considering exclusively a wholesale model of the digital currency—that is, settlements between financial institutions, rather than for retail payments. The logic is simple: such a CBDC minimizes risks to the banking system and allows maintaining control over money circulation. According to Achilov, it took seven to eight years to build public trust in traditional finance, and the regulator does not intend to put that capital at risk with retail experiments.
Together with the Global Financial Technology Network (GFTN), a "white paper" has already been prepared with an analysis of international experience, including unsuccessful cases from other countries. This is a pragmatic approach: Uzbekistan does not want to repeat others' mistakes but studies them as a risk map.
Stablecoins: pilots in the "sandbox"
In parallel, the NAPP and the Central Bank have launched pilot projects on using stablecoins as a means of payment. As noted by NAPP First Deputy Director Vyacheslav Pak, the agency oversees capital markets, the insurance sector, e-commerce, and crypto-asset circulation—which gives it a unique opportunity to coordinate all areas of the digital economy.
Currently, rules and operational infrastructure are being formed in the regulatory "sandbox." Tests are running on a limited scale, but based on their results, the Central Bank is ready to adjust regulation. Retail operations at the first stage will go through licensed institutions, while the Central Bank itself will focus on building the core system and interacting with banks.
Tokenization: infrastructure first
As for the tokenization of shares and bonds, Achilov emphasized: before implementing the technology, it is necessary to create an environment with clear rules. This concerns custodial services, depository accounting, clearing, and settlements. Without clear legal certainty and standards for institutional investors, the market cannot develop sustainably.
In his view, a regulatory framework alone is not enough—participants must trust tokenized instruments as a way to raise capital. To this end, the Central Bank intends to use the "sandbox" and other technological mechanisms, as well as actively cooperate with regulators at the regional level to identify gaps and share experience.
My conclusion: Uzbekistan is acting methodically, unlike many jurisdictions that rush headlong into digital experiments without preparation. Wholesale CBDC and stablecoin pilots are a low-risk strategy that allows testing the technology without undermining trust in the financial system. If regulators manage to build a working infrastructure for tokenization, the country could become an attractive venue for institutional investors seeking predictable jurisdictions in Eurasia.