Research work on issuing a digital soum has begun in Uzbekistan. Deputy Chairman of the Central Bank Nodirbek Ochilov made the statement in late November during a roundtable discussion on the role of a floating exchange rate under inflation targeting, responding to a question about the prospects of a national digital currency.
According to him, since 2023 the regulator has been paying close attention to digital currencies as part of the development of the digital economy.
“In the context of the development of the digital economy and digital transformational changes, starting from 2023 we have been implementing major projects. If you look at the applications, attention has been paid to the role of digital currencies, and the Central Bank has already presented brief reviews and applications on introducing a digital currency into the economy,” he said.
Ochilov noted that the issue of a digital soum has also been discussed at the presidential level.
“As this issue is becoming even more relevant today, it was also presented at a meeting chaired by the head of our state. At the first stage, the Central Bank is studying the issue of issuing a digital soum and conducting a comprehensive examination of it,” the Deputy Chairman said.
He emphasized that similar processes are at the research stage in other countries as well, including Uzbekistan’s trading partners.
“It should be noted that in many countries, research in the field of digital currencies and national digital currencies has only just begun. In countries – our trading partners – as well as in developed states in general, this process is also at the research stage,” Ochilov said.
As an example, he cited cooperation with the Swiss National Bank.
“For example, recently we held joint seminars with the Swiss National Bank as part of our cooperation, and this process is also at the research stage for them. We are talking about a central bank digital currency,” he noted.
According to him, the rapid development of cryptoassets has become an additional factor driving the study of central bank digital currencies.
“Given the active development of cryptoassets, discussions and work on introducing a central bank digital currency have begun in all central banks, which could serve as an alternative to cryptoassets. We have also established research groups and launched relevant studies,” the Deputy Chairman said.
