Uzbekistan's regulators have simultaneously taken on the development of several key areas of digital finance. The Central Bank is studying the possibility of launching a wholesale central bank digital currency (CBDC) based on the sum, the National Agency for Prospective Projects (NAPP) is testing stablecoins, and conditions for asset tokenization are also being formed. Representatives of both agencies spoke about their plans on the sidelines of the Silk Road Finance and Technology Forum.
Central Bank bets on wholesale CBDC
Deputy Chairman of the Central Bank Nodirbek Achilov confirmed that the regulator is at the initial stage of researching the potential of CBDC. An analysis of international experience, including both successful cases and failures of other states, has already been conducted. Together with the Global Financial Technology Network (GFTN), a "white paper" has been prepared, which is planned to be published in the near future.
The choice in favor of a wholesale rather than a retail CBDC is not accidental. Achilov cited two key reasons: first, it will ensure secure and efficient settlements with financial institutions already under the regulator's control. Second, this approach will preserve public trust in the financial system, which, in his estimation, took a long seven to eight years to build. "A wholesale CBDC seems to us a feasible option," he emphasized.
Stablecoins and tokenization: pilots and rules
In parallel, the Central Bank, together with the NAPP, is working on stablecoins within the regulatory "sandbox." Rules, tools, and an operational framework for testing the system on a limited scale are currently being developed. Based on the pilot results, the regulator will assess market reaction and, if necessary, adjust regulation. At the initial stage, retail operations will go through licensed institutions, while the Central Bank itself will focus on building the foundation of the system.
First Deputy Director of the NAPP Vyacheslav Pak confirmed that the agency is already implementing pilot projects on the use of stablecoins as a means of payment. The NAPP's area of responsibility includes capital markets, insurance, e-commerce, and the circulation of crypto assets, which allows for a comprehensive approach to the development of the digital economy. Pak noted that tokenization and stablecoins have become one of the main trends, so the agency is developing regulation for the tokenization of bonds and shares.
Another priority will be the creation of a new blockchain-based payment system, which will complement work with stablecoins and tokenization, forming a unified line of development for the country's digital infrastructure.
Conditions for tokenization: infrastructure and trust
Achilov also outlined key conditions for the development of tokenization. First of all, infrastructure for storing and accounting for digital assets, legal certainty of operations, and clear rules for institutional investors are needed. He emphasized the importance of custodial services, depository accounting, transaction execution, and clearing. In addition, clear standards are needed for infrastructure organizations that will be responsible for asset storage and clearing — in the deputy chairman's opinion, they play a key role in the stability of the entire system.
"First of all, 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, Achilov added: market participants must trust tokenized instruments and view them as a way to attract capital. To this end, the Central Bank intends to use regulatory mechanisms, including the "sandbox" and other technological tools.
In the deputy chairman's view, regulators need to cooperate not only at the national but also at the regional level. Joint work will make it possible to identify regulatory gaps, study potential risks, and find solutions to eliminate them. "We must work together to be good partners in the field of regulation and market development," he summarized.
My comment: Uzbekistan is demonstrating pragmatism rare for the region, betting on a wholesale CBDC and parallel testing of stablecoins in a controlled environment. This allows minimizing risks to financial stability while avoiding the hasty introduction of a retail digital currency. The key success factor will be precisely the creation of trust on the part of institutional players — without this, tokenization and stablecoins will remain merely technological experiments rather than drivers of economic growth.