Uzbekistan is demonstrating a rare level of ambition for Central Asia in the development of digital finance. The country's authorities are simultaneously advancing three key areas: studying the launch of a wholesale central bank digital currency (CBDC), testing stablecoins as a payment instrument, and building a legal framework for the tokenization of real assets. Representatives of the Central Bank and the National Agency for Prospective Projects (NAPP) spoke about their plans on the sidelines of the Silk Road Finance and Technology Forum.
Wholesale CBDC: a bet on security and control
Deputy Chairman of the Central Bank Nodirbek Achilov confirmed that the regulator is considering specifically the wholesale CBDC model, rather than the retail one. According to him, this format will ensure secure and efficient settlements with financial institutions that are already under the supervision of the Central Bank. The second reason is preserving public trust in the banking system, which has taken years to build.
"A wholesale CBDC seems to us a feasible option," Achilov noted.
The regulator is currently analyzing international experience, including both the successes and failures of other countries. Together with the Global Financial Technology Network (GFTN), a "white paper" has already been prepared and is planned for publication. This indicates a systematic approach: Uzbekistan does not want to repeat others' mistakes but seeks to build its own model from scratch.
Stablecoins: pilots in the "sandbox"
In parallel, the Central Bank, together with NAPP, is testing stablecoins in the regulatory "sandbox." As explained by NAPP First Deputy Director Vyacheslav Pak, the agency is already implementing pilot projects on the use of stablecoins as a means of payment. At the initial stage, retail operations will go through licensed institutions, while the Central Bank itself will focus on building infrastructure and working with banks.
"We are implementing pilot projects on the use of stablecoins as a means of payment here in Uzbekistan," Pak stated.
Based on the testing results, the regulator will assess the market reaction and participant behavior. If the results prove positive, the project may be expanded and regulation adjusted. This phased approach minimizes risks and allows rules to be adapted to the real needs of the industry.
Tokenization: infrastructure first, innovation later
As for asset tokenization, the Central Bank takes an extremely pragmatic stance here. Achilov emphasized that before introducing new technologies, it is necessary to create infrastructure for storing and accounting for digital assets, ensure legal certainty of operations, and establish clear rules for institutional investors. This concerns 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 added.
According to Achilov, 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 actively cooperate with colleagues at the regional level.
My view: Uzbekistan is betting on an evolutionary path rather than revolutionary leaps. Wholesale CBDC and stablecoins in the "sandbox" are an attempt to maintain control over the financial system while integrating innovations. If the pilots succeed, the country could become one of the first examples in the region of balanced regulation of digital assets, which will attract both institutional investors and international fintech companies.