"Money with a specific condition." The Central Bank has begun work on the digital sum
The Central Bank is studying the possibilities of introducing the digital sum. The first pilot projects are planned to be launched in 2027, with a transition to the system expansion phase in 2028–2029. Initially, the digital sum will be tested not for individuals, but in the areas of public procurement, infrastructure projects, and subsidies.
"Money with a specific condition." The Central Bank has begun work on the digital som
The introduction of another new form of money — the digital som — is being discussed in Uzbekistan. It differs from the usual electronic money on a bank card or in a mobile application, as it is not just a digital version of the existing som, but a digital currency issued by the Central Bank.
The digital som is a digital form of the som issued by the Central Bank, meaning it is the exact same money. The only difference is that it can be used and managed through a digital system.
The Central Bank has announced the national financial technology development strategy for 2026–2030. It includes a plan for practical testing of the digital som.
At the same time, this system will not become a new means of payment that all citizens will use tomorrow. First of all, the Central Bank will study how necessary such a system is for Uzbekistan, what its economic and technological impact will be, and what risks may arise.
At a press conference held on September 24, representatives of the Central Bank answered journalists' questions about how the digital som will work, how it differs in practice from the regular som and bank cards, and about the pilot project planned for the coming years.
According to the Deputy Chairman of the Central Bank, Nodirbek Saydullaev, the use of the digital som in payments for individuals is not yet being considered as the main direction.
He noted that Uzbekistan already has a fairly developed infrastructure for cashless payments between citizens. In particular, national payment systems such as Humo and Uzcard, as well as mobile applications of banks and payment organizations, operate in the country.
The Deputy Chairman of the Central Bank also emphasized that wholesale trade and settlements between organizations could become another possible area of application for the digital som.
"Very often, if you observe, economic courts handle cases of untimely received funds for completed work and delivered goods between organizations. This means it will also be useful for organizations engaged in wholesale trade"