Uzbekistan launches pilot project to use stablecoins to pay for goods and services

TASHKENT. Sept 8 (Interfax) - Uzbekistan's National Agency for Prospective Projects (NAPP) and Central Bank have launched a pilot project to use stablecoins to pay for goods and services.

The NAPP said the pilot project was being carried out in keeping with a presidential decree on measures for the further development of financial services in Uzbekistan with a view to testing the use of stable tokens as a means of payment.

Humo Digital LLC, issuer of the Humo stablecoin (1 Humo is equivalent to 1 Uzbek sum), has been registered with the Central Bank as a participant in the special legal regime regulating stable tokens.

The pilot project involves testing the mechanisms for issuing, circulating and redeeming Humo stablecoins. Asterium JSC, which is licensed to operate as a crypto depository, crypto exchange and crypto store, is a partner in this project, along with banks and other businesses.

The pilot project involves: the issuance of Humo stablecoins backed by government securities; the use of Humo as an official mode of payment and acceptance for goods (work, services) in Uzbekistan (more than 20 businesses are ready to participate in the pilot project); and the integration of the banking, processing and blockchain infrastructure of pilot project participants to facilitate settlements using Humo.

The pilot project will last for up to three years, the NAPP said.

"The pilot project will further stimulate the introduction and use of advanced technologies to develop Uzbekistan's financial sector," it said.