Central Bank of Uzbekistan presents roadmap to study digital soum

Representatives of the Central Bank announced the regulator's plans at a press conference on September 24. The wholesale CBDC (central bank digital currency) project based on distributed ledger technology is aimed at banks and payment organizations rather than everyday settlements by individuals. As explained by the first deputy chairman of the regulator, Nodirbek Saydullaev, a developed payment infrastructure is already operating in the country, including the Humo and Uzcard systems.

The plan is divided into three stages: macroeconomic, legal, and technical assessments, as well as the publication of a White Paper, are scheduled for 2026–2027; pilot testing in an isolated environment for 2027–2028; and evaluating results along with the potential onboarding of market participants for 2028–2029. If the trials show no need for a digital soum, the regulator will abandon the transition to the third stage and scaling.

As possible use cases, the regulator is considering public procurement to monitor the targeted use of funds, the financing of infrastructure projects with phased payments to contractors, as well as settlements in wholesale trade and subsidization.