Digital currency to be tested as a means of payment in Uzbekistan

The use of digital currency as a means of payment will be tested in Uzbekistan

A pilot project on using the HUMO stable token as a means of payment is being launched in Uzbekistan.

The project will be implemented under the supervision of the Central Bank and the National Agency for Perspective Projects. Its main task is to test a new form of digital payments in practical conditions.

Within the framework of the pilot, 1 HUMO token will be equal to 1 soum. The tokens are planned to be backed by government securities of Uzbekistan.

The possibility of paying for goods, works, and services within the territory of Uzbekistan using the HUMO token will be tested. In addition, the mechanisms for issuing, putting into circulation, and withdrawing tokens from circulation will also be verified.

To implement the project, banking, processing, and blockchain systems will be integrated with each other. "HUMO Digital" LLC and "Asterium" JSC, which holds licenses for a crypto-depository, crypto-exchange, and crypto-shop, will participate in the process.

The pilot project will be conducted within a special regulatory regime — a "regulatory sandbox." This allows testing new financial technologies in a limited and controlled environment.

During the testing, special attention will be paid to the issues of sufficient backing of tokens, transaction transparency, cybersecurity, consumer rights protection, and financial risk management.

The Central Bank will also monitor the project's impact on financial and price stability.

The initial duration of the pilot project is set at 12 months. If necessary, it can be extended, but the total duration will not exceed 3 years.

At the end of the project, the opportunities and risks of using a digital token backed by government securities as a means of payment in Uzbekistan will be assessed.