CBDC, Stablecoins and State-Owned Banks: Uzbekistan’s Central Bank Outlines Its Plans
Economy
The Central Bank of Uzbekistan has outlined several priorities for the further development of the financial sector at the Silk Road Finance & Technology Forum. The regulator is exploring the potential introduction of a wholesale central bank digital currency (CBDC), testing stablecoins and plans to further reduce the state’s presence in the banking sector.
Nodirbek Achilov, Deputy Chairman and Board Member of the Central Bank, said the regulator was studying international experience with wholesale CBDCs. He cited greater security and efficiency in settlements between financial institutions among the potential benefits.
The Central Bank is also testing a stablecoin system jointly with the National Agency of Perspective Projects (NAPP) within a dedicated regulatory sandbox. A decision on expanding the system will be made after the research is completed and the market response is assessed.
Central Bank Chairman Timur Ishmetov said the state’s share in the banking sector had fallen from 85% to nearly 60% in recent years and that the trend would continue.
The regulator also plans to publish its foreign-exchange intervention strategy. According to Ishmetov, the Central Bank does not intervene in the currency market to maintain the Uzbek soum at a specific exchange-rate level. Its operations are also linked to gold purchases and the regulation of money supply.
The Central Bank additionally plans to publish its roadmap for further capital-account liberalization. “We are ready to be more open and transparent,” Ishmetov said.
The forum also features an exhibition showcasing banks and payment systems operating in Uzbekistan, giving participants an opportunity to explore financial services and technologies.
The Central Bank is also testing a stablecoin system jointly with the National Agency of Perspective Projects (NAPP) within a dedicated regulatory sandbox. A decision on expanding the system will be made after the research is completed and the market response is assessed.
Central Bank Chairman Timur Ishmetov said the state’s share in the banking sector had fallen from 85% to nearly 60% in recent years and that the trend would continue.
The regulator also plans to publish its foreign-exchange intervention strategy. According to Ishmetov, the Central Bank does not intervene in the currency market to maintain the Uzbek soum at a specific exchange-rate level. Its operations are also linked to gold purchases and the regulation of money supply.
The Central Bank additionally plans to publish its roadmap for further capital-account liberalization. “We are ready to be more open and transparent,” Ishmetov said.
The forum also features an exhibition showcasing banks and payment systems operating in Uzbekistan, giving participants an opportunity to explore financial services and technologies.
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