"The Central Bank of Uzbekistan is preparing to test digital currency," says Timur Ishmetov.
The Central Bank of Uzbekistan will publish a concept paper on the Central Bank Digital Currency (CBDC). It will explore the digital currency's potential applications, design options, and impact on the financial system. Following this, a pilot phase of the digital currency is planned. Kun.uz reported this from the international Silk Road Finance & Technology Forum-2026, currently underway in Tashkent.
Central Bank Chairman Timur Ishmetov announced Uzbekistan's plans to begin testing a digital currency. This was announced at the international Silk Road Finance & Technology Forum-2026, which opened in Tashkent on August 24, Kun.uz reports.
At the forum, a special concept paper on the Central Bank of Uzbekistan digital currency (CBDC) will be presented. It will analyze the potential applications of a CBDC in the country, various design options, as well as the advantages and disadvantages of various solutions and their possible impact on the financial system.
"At the forum, we will present a concept paper on the CBDC. It will examine possible use cases, design options, key tradeoffs, and implications for the financial system. Its findings will form the basis for launching a pilot phase, testing optimal approaches, and assessing how a digital currency can foster innovation and the development of the digital economy in Uzbekistan," Ishmetov explained.
Therefore, the Central Bank does not currently plan to issue the digital currency into circulation, but will focus on studying its capabilities and conducting practical testing.
Ishmetov also emphasized that Uzbekistan is entering a new phase of digitalization of the financial system and the development of the FinTech sector.
"We have developed our first national FinTech strategy and are strengthening the regulatory framework around it. Our regulatory sandbox is being improved to provide a more transparent and effective environment for testing innovative financial products and services, including solutions offered by international partners," the head of the Central Bank stated.
He noted that 57% of payments in Uzbekistan are made non-cash, and this figure is constantly growing.
"Financial inclusion remains one of our key policy areas. 57% of our payments are non-cash, and this figure is increasing annually. More than half of the economy is made by small and medium-sized businesses. Therefore, increasing attention is being paid to ensuring access to finance. "Our goal is to develop a sustainable financial system and efficient economic activity," Ishmetov added.
The FinTech sector plans to attract $1 billion in investment.