Uzbekistan Begins Research on Digital National Currency

Uzbekistan has launched research into a digital version of its national currency, the sum.

The move marks a major step in the country’s digital economy transformation, The Caspian Post reports via Uzbek media.

Nodirbek Ochilov, Deputy Chairman of the Central Bank, revealed the initiative during a roundtable on the floating exchange rate in late November. He noted that the bank has been exploring digital currencies since 2023, including their integration into economic applications and frameworks.

“The question of a digital sum is also being considered at the presidential level. At the first stage, the Central Bank is conducting a comprehensive study of its issuance,” Ochilov said.

He added that similar research is underway in other countries, including Uzbekistan’s trading partners, citing cooperation with the Swiss National Bank as an example. Joint seminars have been held, and Switzerland’s own central bank digital currency (CBDC) remains in the research phase.

The rise of cryptoassets has further motivated the study of central bank digital currencies, aiming to create alternatives to cryptocurrencies. Uzbekistan has established research groups to explore various CBDC models, including retail digital currency for the public and wholesale digital currency for interbank settlements.

Ochilov said that more concrete plans are expected in early 2026, and they will be developed in consultation with the banking sector. The process follows a phased strategy: first studying potential applications, then assessing practical impacts, before finalizing conclusions.