Uzbekistan is reaching a new level of digital economy development, simultaneously launching several key initiatives. The Central Bank is considering the introduction of a wholesale central bank digital currency (CBDC) based on the sum, while the National Agency for Prospective Projects (NAPP) is testing stablecoins and developing conditions for asset tokenization. Representatives of both regulators shared their plans on the sidelines of the Silk Road Finance and Technology Forum.
The actions of Uzbek authorities reflect a global trend: Central Asian countries are increasingly looking toward digital payment instruments. This is not just about studying experience, but about concrete steps—from analyzing international practices to launching pilot projects.
Central Bank studies wholesale CBDC
Deputy Chairman of the Central Bank Nodirbek Achilov confirmed that the regulator has begun researching the potential of CBDC. According to him, the key focus is on the wholesale model, which involves using digital currency for interbank settlements and operations with financial institutions. This will ensure secure and efficient transactions while maintaining regulatory oversight.
Achilov cited two reasons why the choice fell on wholesale CBDC. First, it guarantees the reliability of settlements with already controlled financial structures. Second, it is a matter of public trust in the financial system, which has taken years to build. "Wholesale CBDC seems to us a feasible option," he emphasized.
Together with the Global Finance and Technology Network (GFTN), a "white paper" has already been prepared and is expected to be published in the near future. In parallel, the Central Bank is studying the use of stablecoins within a regulatory "sandbox," where rules and an operational framework for testing are currently being formed. At the initial stage, retail operations will go through licensed institutions, while the Central Bank itself will focus on building the system and working with financial institutions.
NAPP launches stablecoin pilots
The National Agency for Prospective Projects is already implementing pilot projects on the use of stablecoins as a means of payment. First Deputy Director of NAPP Vyacheslav Pak noted that the agency and the Central Bank act as the two main regulators of financial services in the country. NAPP's area of responsibility includes capital markets, insurance, e-commerce, and crypto-asset circulation, allowing for a comprehensive approach to digital economy development.
Pak also announced the development of regulation for the tokenization of bonds and shares. "We are implementing pilot projects on the use of stablecoins as a means of payment here in Uzbekistan," he said. Another priority for the agency is the creation of a new blockchain-based payment system, which will complement work with stablecoins and tokenization.
Conditions for asset tokenization
For the successful development of tokenization, according to Achilov, it is necessary to create a full-fledged infrastructure for storing and accounting for digital assets, ensure legal certainty of operations, and establish clear rules for institutional investors. He emphasized the importance of clear standards for 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 together with market participants and other colleagues," he stated. A regulatory framework alone is not enough—market participants must trust tokenized instruments and view them as a way to raise capital. To this end, the Central Bank intends to use "sandboxes" and other technological mechanisms, as well as cooperate with regulators at the regional level.
My view: Uzbekistan demonstrates a strategic consistency rare for the region, combining caution on CBDC issues with pragmatism in testing stablecoins. The key challenge is not technological but institutional: building trust in new instruments will require time and clear coordination between the Central Bank and NAPP. If the pilots succeed, the country could become a digital hub for all of Central Asia.