Uzbekistan is confidently among the most progressive jurisdictions in Central Asia in terms of implementing digital financial instruments. At the Silk Road Finance and Technology Forum, representatives of the Central Bank and the National Agency for Advanced Projects (NAPP) outlined three strategic areas of work at once: studying the wholesale central bank digital currency (CBDC), piloting stablecoins, and building a legal framework for tokenizing real assets.
Wholesale CBDC: a focus on security and trust
Deputy Chairman of the Central Bank Nodirbek Achilov confirmed that the regulator views the wholesale CBDC model based on the sum as the most realistic scenario. The logic is simple: this form of digital currency makes it possible to ensure secure and efficient settlements between financial institutions under the regulator's control without directly affecting retail consumers. This is critically important, given that it took years to build public trust in the financial system, and the regulator does not intend to risk that in the process of technological experiments.
Together with the Global Finance and Technology Network (GFTN), a "white paper" has already been prepared that systematizes international experience — both successful cases and failed initiatives from other countries. This approach looks mature: Uzbekistan is in no hurry but carefully analyzes others' mistakes to avoid repeating them on its own soil.
Stablecoins: pilots in action
In parallel, the Central Bank, together with NAPP, has launched pilot projects on using stablecoins as a means of payment. The work is being carried out within a regulatory "sandbox," where rules, tools, and operational infrastructure are currently being developed. First Deputy Director of NAPP Vyacheslav Pak emphasized that the trials are being conducted on a limited scale, but based on their results, the regulator will be able to assess market reaction and, if necessary, adjust regulation.
It is important to note that at the initial stage, retail operations will be conducted exclusively through licensed institutions, while the Central Bank itself will focus on building the system's foundation and interacting with financial institutions. This is a sensible safeguard against uncontrolled growth of the shadow economy.
Tokenization: infrastructure first, then instruments
As for asset tokenization, regulators here demonstrate a consistent approach. According to Achilov, before introducing new technological solutions, 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. This concerns custodial services, depository accounting, transaction execution, and clearing.
The Deputy Chairman of the Central Bank also emphasized the importance of creating a predictable environment with clear standards for all market participants. Only with trust in tokenized instruments can they become a real mechanism for attracting capital, rather than just a fashionable trend.
My view: Uzbekistan demonstrates discipline rare for the region, moving from infrastructure to instruments rather than the other way around. If the stablecoin pilots succeed, the country could become a regional hub for digital settlements, especially in the context of trade with neighboring states. However, the key success factor will remain the speed of adapting regulation to the real needs of business — here, bureaucratic inertia could become the main enemy.