Uzbekistan's financial regulators have moved from words to action, simultaneously launching work on three key areas of the digital economy at once. These involve the creation of a wholesale central bank digital currency (CBDC), pilot projects using stablecoins, and the formation of a legal framework for the tokenization of real-world assets. These ambitious plans were announced on the sidelines of the Silk Road Finance and Technology Forum, where representatives of the Central Bank and the National Agency for Prospective Projects (NAPP) detailed their initiatives.
Central Bank bets on wholesale CBDC
Deputy Chairman of the Central Bank Nodirbek Achilov confirmed that the regulator is actively studying the possibility of introducing a wholesale CBDC based on the national currency, the sum. The choice in favor of a wholesale rather than retail model is not accidental. According to Achilov, this format will ensure secure and efficient settlements with controlled financial institutions, as well as preserve the fragile public trust in the financial system, which took a long seven to eight years to build.
"A wholesale CBDC seems to us a feasible option," Achilov emphasized.
At the same time, the regulator has already prepared a "white paper" jointly with the Global Financial Technology Network (GFTN), which will analyze international approaches, including the successes and failures of other countries. This is a balanced and pragmatic approach that reduces the risks of repeating others' mistakes.
NAPP: stablecoins and tokenization in focus
In parallel, the National Agency for Prospective Projects, which oversees capital markets, insurance, e-commerce, and the circulation of crypto assets, is 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, which allows for coordinated policy in the digital sphere.
Special attention is paid to tokenization. Pak emphasized that this has become one of the main trends, so NAPP is developing regulations for the tokenization of bonds and shares. However, as the Central Bank rightly notes, a regulatory framework alone is not enough for the successful development of this sector. It is necessary to create a full-fledged infrastructure: custodial services, depository accounting, transaction processing and clearing, as well as clear standards for institutional investors.
"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," Achilov summarized.
My analysis: Uzbekistan is demonstrating a consistency rare for the region, building a digital financial ecosystem comprehensively. Starting with a wholesale CBDC and parallel testing of stablecoins in a "sandbox" is a sound strategy that reduces risks for retail users while not falling behind global trends. The success of this initiative will depend on how quickly regulators can create clear and stable rules for institutional players, who will become the drivers of tokenization of real-world assets in the country.